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Bue Oil Discovery & Pil Resources Range Update

Source: www.gulfoilandgas.com 7/11/2014, Location: Europe

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the Atlantic margin and the North Sea, is pleased to announce the completion of a successful side-track well and an oil discovery on the Bue prospect (Faroe 25%) in the Norwegian Sea.

Bue oil discovery
The Bue side-track well (6406/12-3 A) was drilled to a depth of 3,656.5 metres below sea level, 2.1 kilometres north east of the Pil discovery well 6406/12-3 S. The objective was to investigate the extent, thickness and reservoir properties in the Middle and Upper Jurassic reservoirs in the Bue prospect and to establish the pressure regime and hydrocarbon/water contact. The well encountered an 18 metre hydrocarbon column in reservoir rocks of variable quality. Pressure data indicates no communication between the Pil and Bue discoveries and Bue has therefore proven a separate accumulation of hydrocarbons.

An extensive data acquisition programme was carried out including a fluid sample and the operator’s preliminary estimate of the gross size of the Bue discovery is between 6 and 25 million barrels of recoverable oil equivalent (“mmboe”).

Pil updated resource range
In addition, following the Pil side-track, which encountered a gross hydrocarbon-bearing reservoir section with approximately 80 metres of oil in the Upper Jurassic reservoir of the Rogn Formation, the operator of the licence, VNG, has advised the partners of an updated gross recoverable resources range estimate for the Pil discovery of 72 to 172 mmboe (18 to 43 mmboe net to Faroe), up from a previous gross recoverable resource range estimate of 50 to 170 mmboe.

The Pil and Bue discoveries are located approximately 33 kilometres to the south east of the Njord platform (in which the Company holds a 7.5% equity interest) and are therefore expected to be within tie-back distance of the platform. VNG Norge AS (30%) managed drilling operations using the Transocean Arctic drilling rig, with partners Spike Exploration Holdings AS (30%) and Rocksource Exploration Norway AS (15%). The Pil and Bue wells will now be permanently plugged and abandoned as planned.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:
“We are very pleased to announce the results of this successful exploration side-track well on the Bue prospect, which proves further resource potential to add to the already significant Pil oil and gas discovery. The current resource range for the Pil and Bue discoveries together is now estimated to be between approximately 80 and 200 million barrels of oil equivalents (mmboe) (20 to 50 mmboe net to Faroe), of which around 80% is estimated to be oil and condensate.

“The partners are now preparing next year’s exciting exploration and appraisal programme to assess the further upside potential in the licence and evaluating different development alternatives.”



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