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A formation isolation valve for underbalanced drilling applications. A system for operating a formation isolation valve includes the valve interconnected in a casing string. An assembly displaces through the casing string, thereby causing the valve to open prior to the assembly reaching the valve. A

A formation isolation valve for underbalanced drilling applications. A system for operating a formation isolation valve includes the valve interconnected in a casing string. An assembly displaces through the casing string, thereby causing the valve to open prior to the assembly reaching the valve. An operating system includes a well tool with an actuator positioned downhole. A device for causing the actuator to operate the well tool is also positioned downhole remote from the actuator. A method of operating a well tool includes the steps of: positioning the well tool in a well, the well tool including an actuator; positioning a power source for the actuator in the well; and at a downhole position remote from the actuator, causing the actuator to operate the well tool.

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What is claimed is: 1. A method of operating a well tool in a well, the method comprising the steps of: positioning the well tool in the well, the well tool including an actuator; positioning a hydraulic power source for the actuator in the well; and at a downhole position in the well remote from t

What is claimed is: 1. A method of operating a well tool in a well, the method comprising the steps of: positioning the well tool in the well, the well tool including an actuator; positioning a hydraulic power source for the actuator in the well; and at a downhole position in the well remote from the actuator, causing the actuator to operate the well tool by displacing an assembly past the power source, a piston of the power source thereby being forced to displace with the assembly, a force being transmitted directly from the assembly to the piston to cause displacement of the piston. 2. The method of claim 1, wherein the well tool is interconnected in a tubular string, and further comprising the steps of installing the assembly in the tubular string and displacing the assembly to the downhole position to operate the well tool. 3. The method of claim 2, wherein the step of causing the actuator to operate the well tool is performed without requiring physical contact between the assembly and the power source at the downhole position. 4. The method of claim 2, wherein the well tool is a valve which selectively permits and prevents flow through the tubular string. 5. The method of claim 4, wherein the assembly is a drill string, and wherein the displacing step further comprises displacing the drill string through the valve. 6. The method of claim 1, wherein the step of causing the actuator to operate the well tool further comprises forming a magnetic coupling in the well. 7. The method of claim 6, wherein the well tool is interconnected in a tubular string, and wherein the step of causing the actuator to operate the well tool further comprises displacing the assembly through the tubular string to thereby cause the magnetic coupling to displace. 8. The method of claim 7, wherein the assembly displacing step further comprises displacing a first magnetic device carried on the assembly. 9. The method of claim 1, wherein the power source is a pump. 10. The method of claim 9, wherein the step of causing the actuator to operate the well tool further comprises displacing the assembly through a tubular string in which the well tool is interconnected, thereby causing fluid transfer between the pump and the actuator. 11. A system for operating a formation isolation valve, the system comprising: the formation isolation valve interconnected in a casing string and positioned downhole in a well; and an assembly which displaces through the casing string, displacement of the assembly through the casing string causing the valve to open prior to the assembly reaching the valve in response to the assembly applying a force to a piston of a power supply for an actuator of the valve, the force being transmitted directly from the assembly to the piston thereby causing displacement of the piston. 12. The system of claim 11, wherein the force transmitted directly from the assembly to the piston is generated by magnetic coupling. 13. The system of claim 11, wherein displacement of the assembly through the casing string operates a pump, thereby causing fluid transfer between the pump and the actuator of the valve. 14. The system of claim 11, wherein displacement of the assembly through the casing string activates a device positioned remote from the actuator of the valve, and wherein activation of the device causes the actuator to open the valve. 15. The system of claim 11, wherein displacement of the assembly through the casing string causes the valve to open without physical contact between the valve and the assembly.