Faroe Petroleum Provides Successful Brasse Sidetrack Well Results

Source: www.gulfoilandgas.com 7/26/2017, 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 31/7-2S Brasse sidetrack appraisal well in the Norwegian North Sea (Faroe 50% and operator, Point Resources 50%).

Highlights

- Volume increase: recoverable resource volumes now estimated at between 56 and 92 mmboe (from 43 to 80mmboe)
- High net to gross: very high quality reservoir sands with a very high net to gross ratio
- High quality light crude: similar quality crude to the nearby producing Brage field (Faroe 14.3%)
- Reservoir encountered close to prognosis: penetrated gross hydrocarbon-bearing reservoir section with approximately 18 metres of oil and 4 metres of gas in the sidetrack well
- Attractive field development economics: field economics robust at low commodity prices and with fast track potential
- Faroe to progress as operator: work underway to take field to development with first oil in 2020/21

The Brasse appraisal well sidetrack 31/7-2A has been drilled to a total depth of 2,275 metres TVDSS, targeting the reservoir 1.0 kilometre to the west of the appraisal well (31/7-2 announced on 13 June 2017) and 2.4 kilometres to the south of the main discovery well (31/7-1 announced on 16 June 2016). An extensive data acquisition programme was carried out in the 31/7-2A sidetrack, including the cutting of cores together with a full suite of wireline logs and fluid samples. The sidetrack well successfully penetrated the gas-oil contact and the oil-water contact in the southern part of the Brasse field and encountered approximately 18 metres of gross oil-bearing and 4 metres of gross gas bearing Jurassic reservoir above the oil water contact. Preliminary results show that the well has encountered oil in a sand-rich reservoir of very good quality with the same oil-water contact as in the discovery well (31/7-1) and in the main bore of the appraisal well (31/7-2). The pressure data indicates good pressure communication within the reservoir.

Based on extensive data collected from the initial discovery well, initial sidetrack, appraisal well (with drill stem test) and the appraisal well sidetrack, the total gross volumes of recoverable hydrocarbons for the Brasse field have been revised up to 46-76 mmbbls of oil and 59-97 bcf of dry gas (56-92 mmboe in aggregate).

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 Wintershall-operated Brage field platform, in which the Company holds a 14.3% working interest and 13 kilometres to the south east of the Statoil-operated Oseberg Field Centre.

Extensive feasibility studies of the Brasse field development have been carried out focusing on a sub-sea development solution tied-back to either one of the hosts in the nearby area. This work is ongoing and external studies have already been undertaken for the joint venture for the Subsea Production System (SPS), flow assurance and pipeline and marine work. Technical and commercial activities related to the potential hosts were formally initiated in Q4 2016. This work is ongoing and progressing according to plan and in accordance with the regulations relating to the use of facilities by others as set out by Norwegian authorities.

The preliminary reservoir development plan includes three to six production wells and an optional water injection well for pressure support. Initial flow rates from the prolific Brasse reservoir are expected to be higher than previously thought, with predicted delivery rates above 30,000 boe/d and first oil in 2020/21. Based on the completed reservoir and feasibility studies, preliminary total development capex has been estimated at c. $550 million for the mid-case development scenario consisting of four wells and one subsea template.

Key project milestones going forward include the Final Concept Selection and the submission of a Plan for Development and Operations (PDO), both of which are planned for 2018.

The appraisal well will now be plugged and abandoned as planned.

Graham Stewart, Chief Executive of Faroe Petroleum commented:

“We are very pleased to announce the completion of this successful, Faroe-operated, appraisal programme of the Brasse field, which considerably exceeded expectations and further confirms the commerciality of this discovery. The programme has established excellent reservoir quality and reservoir communication, together with excellent flow rates, even at the periphery of the field. This new data has resulted in an increased resource range to 56-92 mmboe and a substantial increase to flow rate expectations.

“The Brasse field is clearly a very significant and valuable asset, with very attractive economics even at long term low commodity prices. The close proximity of the field to existing competing infrastructure combined with its prolific reservoir qualities and shallow water depth ensure this field can be developed expediently, taking full advantage of the current low cost environment. “As an established E&P operator, Faroe is well equipped to progress this important project and we look forward to providing further progress updates in the coming months.”


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