Faroe Finds Commercial Reserves in Norway Well
Faroe Petroleum's Brasse appraisal well in the Norwegian North Sea tested at a maximum stable rate of 6,187 barrels day of oil through a 1-in choke, it said July 3. This provides "clear evidence of highly prolific reservoir and excellent quality sands with multi-Darcy permeability at the appraisal well location," it said. The crude is light and similar to that from the nearby Brage field.
The gas to oil ratio is 887 ft³/barrel, 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, it said.
The Brasse appraisal programme will continue now with the drilling of a side-track well, about 1 km west of the current main well bore. The objective 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.
Faroe CEO Graham Stewart said the well had "significantly" de-risked 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."
Faroe found Brasse in 2016 which is within tie-back distance to existing infrastructure: 13km south of the Brage field platform, in which it has 14.3% equity and 13 km southeast of Oseberg. Faroe operates the field with 50% equity together with Norwegian independent Point Resources (50%).
Point Resources and its majority shareholder Norwegian fund HitecVision reached agreement in March 2017 to buy ExxonMobil’s operated upstream business in Norway; the latter in 2016 produced 60,000 barrels of oil equivalent per day; completion is scheduled for 4Q2017.
William Powell