Faroe Petroleum Provides Brasse Appraisal Well DST Results

Source: www.gulfoilandgas.com 7/3/2017, Location: Europe

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, is pleased to announce the results of the Drill Stem Test (DST) on the 31/7-2 S Brasse appraisal well in the Norwegian North Sea (Faroe 50% and operator, Point Resources 50%).

Highlights

- High flow rates & excellent reservoir: the well flowed at a maximum stable rate of 6,187 bpd of oil providing clear evidence of highly prolific reservoir and excellent quality sands with multi-Darcy permeability at the appraisal well location
- High quality light crude: similar quality crude to the nearby producing Brage field (Faroe 14.3%)
- Test free of undesirables: no undesirable components detected during the test which was sand- and water-free
- Side-track next: a side-track well to be drilled following DST to further appraise reservoir distribution
- Volumes update to follow side-track: an update estimated range of recoverable resource volumes will be announced upon completion of the side-track

The Brasse appraisal well DST has been completed providing clear evidence of a highly prolific reservoir and excellent quality sands with multi-Darcy permeability at this location. An extensive data acquisition programme was carried out in the well, including the cutting of cores together with a full suite of wireline logs, fluid samples and a DST. The well flowed at a constrained maximum stable rate of 6,187 bpd of oil from a 3.6 metres perforated interval, through a 1” choke and with 800 psia at the wellhead. Flow and pressure measurements indicate a prolific reservoir.

The site sampling of the fluid produced during the DST confirms good quality light crude similar to the nearby Brage field (Faroe 14.3%), with the presence of 36.2° API oil with a gas/oil ratio of 887 scf/stb, to be confirmed by onshore laboratory testing. Trace element analysis revealed no undesirable components and the oil flowed sand and water free for the duration of the test.

The Brasse appraisal programme will continue now with the drilling of a side-track well, targeting a location approximately 1,000 metres west of the current main well bore. The objective of the side-track is to map the reservoir distribution and further delinate the Brasse structure. A further announcement will be made at the completion of drilling activities including a revised estimate of recoverable resources for the discovery.

The Brasse field discovery was made by Faroe in 2016 and 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 and 13 kilometres to the south east of the Oseberg Field Centre. Faroe operates the field with 50% equity together with Point Resources (50%).

Graham Stewart, Chief Executive of Faroe Petroleum commented:

“We are very pleased to announce the results of this successful, Faroe-operated, drill stem test on the Brasse field, which significantly de-risks further upside in this reservoir and the licence area as a whole. The outstanding flow rates and reservoir quality confirmed by this well, located at the periphery of the Brasse field, are very good news and provide valuable information for our planning of the Brasse development project. We now look forward to the results of the imminent side-track with the objective of proving up further potential on this licence.

“The significant positive progress on Brasse to date is an excellent result from Faroe’s world class exploration and drilling team and further validates our decision to take material stakes in selective high-impact exploration prospects, offering significant value upside to our shareholders.”


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