Faroe Petroleum Finds Oil At North Sea Asset

Published at 08:34AM - 11/07/16

Faroe Petroleum announced today it has successfully completed a side track appraisal well in the Norwegian North Sea.

Results show that the 31/7-1A could have total gross volumes of recoverable hydrocarbons of 28-54 million barrels of oil and 89-158 billion cubic feet of gas.

“This discovery, in one of our core areas, builds, via this low cost exploration and appraisal well, on Faroe’s already significant position in the Norwegian North Sea,” Faroe Petroleum Chief Executive, Graham Stewart, said.

Faroe Petroleum Finds Oil At North Sea Asset

The side track well is located in licence PL740 in the Norwegian North Sea, where Faroe Petroleum is the operator with a 50% working interest, together with Point Resources, which holds the remaining 50%.

The objective of the well was to appraise the south-eastern part of the hydrocarbon bearing structure which had been previously identified by the main discovery well.

Brasse Field Map
Brasse Field Map
Click To Enlarge

The well reached a total depth of 8,300 feet and encountered an 82-feet gross oil column and a 19.6-feet gross gas column.

Results show the oil and gas found was in good quality Jurassic reservoir sandstones that are similar to the ones seen in the initial well, and so is the pressure level of the hydrocarbon-bearing interval.

“We are very pleased to announce the results of this successful side-track appraisal well on the Brasse discovery, which proves the hydrocarbon and reservoir distribution found in the main discovery well and delineates the lateral extent of the discovered area,” Stewart added.

Brasse Discovery Has Multiple Tie-Back Options

The results have provided relevant information about the Brasse discovery, Faroe explained in a statement.

As well as this, results have shown the reservoir could be analogous to the reservoir at the Brage producing oil field, where Faroe holds a 14.3% interest.

The Brasse discovery is located within a tie-back distance to the Brage field platform, the Oseberg Sør field platform and the Oseberg field platform.

Faroe and Point Resources will now begin to assess options for this discovery.

“Work will now begin on assessing options for monetising this important new asset, given its significant resource estimates and close proximity to existing infrastructure,” the CEO stated further.