Faroe Petroleum Completes Sidetrack Appraisal of Brasse-1 Discovery

Source: www.gulfoilandgas.com 7/11/2016, Location: Europe

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal, development and production opportunities in Norway and the UK, is pleased to announce the completion of a successful side-track appraisal well on the Brasse discovery in licence PL740 in the Norwegian North Sea (Faroe 50% and operator).

The objective of the Brasse side-track well (31/7-1A) was to appraise the south-eastern part of the hydrocarbon bearing structure previously identified by the main discovery well. The Brasse side-track reached a total depth of 2,530 metres (MD) and encountered a 25 metre gross oil column and a 6 metre gross gas column. Results based on extensive coring, wireline logging and sampling show that the well has encountered oil and gas in good quality Jurassic reservoir sandstones, similar to those seen in the main well, and provide important information about the reservoir distribution in Brasse. The hydrocarbon-bearing interval in the side-track well was found to be at a similar pressure level to the hydrocarbon-bearing interval in the initial discovery well. Total gross volumes of recoverable hydrocarbons are estimated to be 28-54 mmbbls of oil and 89-158 bcf of gas (43-80 mmboe in aggregate).

As already announced, the Brasse discovery well (31/7-1) encountered approximately 21 metres of gross oil-bearing and approximately 18 metres of gross gas-bearing Jurassic reservoir. The reservoir is of good quality and believed to be analogous to the effective reservoir at the Brage producing oil field (Faroe 14.3%).

The Brasse discovery is located within tie-back distance to existing infrastructure: 13 kilometres to the south of the Brage field platform, in which the Company holds a 14.3% working interest, 13 kilometres to the east of the Oseberg S?r field platform, and 13 kilometres to the south east of the Oseberg field platform. Faroe and its co-venturer (Point Resources AS (50%)) will now begin assessing options for this discovery, located in one of Faroe’s core areas in the Norwegian North Sea.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

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


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