Faroe Petroleum Makes Oil Discovery

Published at 09:14AM - 16/06/16

Faroe Petroleum announced an oil and gas discovery in its Brasse exploration well in licence PL740, in the Norwegian Sea.

Following the discovery, the independent oil and gas company is to drill a sidetrack to help confirm the reservoir’s distribution and hydrocarbon contacts.

“We are very pleased to announce the oil and gas discovery at the Brasse prospect and await the results of the sidetrack. This discovery in one of our core areas, builds on Faroe’s already significant position in the Norwegian North Sea via a low cost exploration well”, Faroe Petroleum Chief Executive Graham Stewart, said.

Faroe Petroleum Makes Oil Discovery

The well (31/7-1) has been drilled to a total depth of 2,780 metres (9,120 feet) and encountered approximately 18 metres of gross gas-bearing and approximately 21 metres of gross oil-bearing Jurassic reservoir.

The Norway and UK-focused oil and gas player believes the finding is analogous to the effective reservoir at the Brage producing oil field, where Faroe holds a 14.3% stake.

Click To Enlarge
Faroe Petroleum Offshore Oil Exploration Map
Faroe Petroleum Offshore Oil Exploration Map

Brasse is located approximately 13 kilometres (8 miles) to the north of Brasse. Faroe Petroleum holds a 50% stake in the production licence in a co-venture with Point Resources, which holds the remaining 50%.

According to preliminary results, the well has encountered oil and gas in reservoir sandstones of good quality, confirmed subsequently by fluid sampling.

Finding Could Be Tied To Brage Production Facilities

Faroe stated that a further announcement will be made after drilling activities are completed.

“If the Brasse drilling results prove a commercial discovery, it could be tied-back to the Brage production facilities or alternatively, to other nearby installations”, Stewart explained.

“Once there is further information in relation to results from the sidetrack well, we will update the market”, he added.

In the meantime, Faroe Petroleum has also announced that production from the Njord and Hyme fields has been suspended and the Njord A platform will be towed to shore for refurbishment and modification. The company holds a 7.5% participation in the fields.