Faroe Petroleum announced an oil and gas discovery in the Faroe-operated Brasse exploration well in licence PL740 in the Norwegian North Sea (Faroe 50%).
Oil and gas discovery at the Brasse exploration well
The Brasse well (31/7-1) has been drilled to a total depth of 2,780 metres. The well encountered approximately 18 metres of gross gas-bearing and approximately 21 metres of gross oil-bearing Jurassic reservoir which is believed to be analogous to the effective reservoir at the Brage producing oil field (Faroe 14.3%), located approximately 13 kilometres to the north of Brasse. Preliminary results based on extensive coring, wireline logs and pressure data show that the well has encountered oil and gas in reservoir sandstones of good quality. The presence of oil and gas has been confirmed subsequently by fluid sampling.
The partnership has now decided to drill a sidetrack to help confirm both the reservoir distribution and hydrocarbon contacts. A further announcement will be made at the completion of drilling activities. The co-venturer in the PL740 licence is Point Resources AS (50%).
Njord Facility Update
In line with previous guidance, production from the Njord and Hyme fields (Faroe 7.5%) has been suspended, and the Njord A platform will be towed to shore for refurbishment and modification.
Graham Stewart, Chief Executive of Faroe Petroleum, commented:
"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. 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. Once there is further information in relation to results from the sidetrack well we will update the market."