Faroe lines up appraisal well for Brasse discovery

Faroe Petroleum is gearing up to start drilling an appraisal well on its Brasse oil and gas discovery in the Norwegian part of the North Sea.

In an update on Thursday, Faroe said it would drill the appraisal well on the Brasse discovery in mid-2017.

Faroe as the operator has entered into a contract with Odfjell Drilling for the use of the semi-submersible drilling rig, Deepsea Bergen, for the drilling operations.

To remind, Faroe announced the Brasse oil and gas discovery in PL740 in July 2016. The main wellbore 31/7-1 encountered an 18-meter gross gas column and a 21-meter gross oil column, and the sidetrack well (31/7-1A) encountered a 6-metre gross gas column and 25-meter gross oil column, with both wells encountering good quality Jurassic reservoir.

Total gross volumes of recoverable hydrocarbons have been estimated by the Company to be 28-54 mmbbls of oil and 89-158 bcf of gas (43-80 mmboe gross in aggregate). The main objectives of the appraisal well are to reduce the uncertainty in the reserves estimates and to provide important additional information for the development project.

Tie-back

The Brasse discovery is located within tie-back distance to existing infrastructure: 13 kilometers to the south of the Brage field platform, in which the Company holds a 14.3% working interest and 13 kilometers to the south-east of the Oseberg Field Centre.

Graham Stewart, Chief Executive of Faroe Petroleum said the well would serve to mature the Brasse discovery towards development.

He said: “Together with Point Resources, we are progressing feasibility studies which will be ongoing in parallel with the appraisal project.

“2017 will be another significant year for Faroe. We have a very full program ahead of us in our core areas including exploration, appraisal, infill drilling and early stage development activity. Coupled with our strong production profile, solid cash position and recently increased and substantially undrawn debt facilities, we look forward to another period of growth across the business.”