The NF-2 prospect is located in Licence PL107C immediately north of the Njord field.

Statoil received consent from the Norwegian offshore safety body, the Petroleum Safety Authority (PSA), to drill the well 6407/7-9 S with Songa Offshore’s semi-submersible rig Songa Delta in June and a drilling permit from the Norwegian Petroleum Directorate (NPD) in July.

The NF-2 exploration well, located in approximately 323 meters of water, is operated by Statoil Petroleum AS (20%) using the Songa Delta drilling rig, with co-venturers ENGIE E&P Norge AS (40%), DEA E&P Norge AS (30%) and VNG Norge AS (2.5%).

Faroe Petroleum, a partner in the license with 7.5% interest, said in a statement on Tuesday that the well will target Middle and Lower Jurassic sandstone reservoirs of the Ile and Tilje formations in a fault-bounded structural closure, with a TD in the Lower Jurassic Åre Formation. If successful, NF-2 could add further reserves and value to the Njord Future Project, the company said.

Graham Stewart, Chief Executive of Faroe Petroleum commented: “I am pleased to announce the spudding of the Njord North Flank-2 exploration well located in the Greater Njord Area, and in close proximity to the Njord field. NF-2 is a near-field exploration target, which provides further upside potential to Faroe in one of our core areas. If successful this will add another tie-in opportunity to the Greater Njord Area and the Njord Future Project, which also includes the high quality Snilehorn discovery.”

Faroe also said on Tuesday that, as previously annunced in July, the company has conditionally acquired interests in five Norwegian producing assets from DONG including a 20% interest in the Ula field and associated production hub infrastructure

One of the conditions of the acquisition was a 30 day pre-emption period under which the partner in the Ula Field could have acquired the interest. This period has now expired and the company will now proceed towards the completion of the acquisition as planned, Faroe concluded.