Brasse appraisal well preliminary results and commitment to Drill Stem Test
Tuesday, Jun 13, 2017
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  Brasse appraisal well in the Norwegian North Sea (Faroe 50% and operator, Point Resources 50%).

The Faroe-operated Brasse appraisal well (31/7-2 S) has been drilled to a total depth of 2,450 metres,  targeting a seismic anomaly approximately two kilometres to the southeast of the main discovery well (31/7-1 announced July 2016).  The appraisal well successfully penetrated the oil-water contact on the flank of the Brasse field and encountered approximately 8.5 metres of gross oil-bearing Jurassic reservoir above the oil water contact.  Preliminary results based on extensive coring, wireline logs and pressure data show that the well has encountered oil in a sand rich reservoir of very good quality.  Preliminary analysis confirms the same oil-water contact as in the 31/7-1 discovery well and side-track and indicates good pressure communication within the reservoir.

The joint venture has now committed to perform a Drill Stem Test (“DST”) for further confirmation of well productivity, investigation of reservoir distribution and to provide important additional information for development project planning.  Advanced pressure gauges, which communicate with surface after the well has been plugged and abandoned, will be installed in the 31/7-2 S appraisal well to provide long term pressure monitoring of the reservoir.

The joint venture will shortly decide on whether to drill a potential side-track to the current well (31/7-2 S).   The joint venture will also decide on whether to drill a potential second appraisal on the Brasse discovery later this year, dependent upon further analysis of the 31/7-2 S well and DST results.  Evaluation work on the recently awarded prospective Brasse Extension area (Faroe 50% and operator) also continues, ahead of a potential decision to drill in 2018.  An update of the Brasse oil and gas resources estimates will be announced following completion of the ongoing Brasse appraisal drilling and testing operations.

The Brasse discovery 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.

Graham Stewart, Chief Executive of Faroe Petroleum commented:

“We are very pleased to announce the results of this important appraisal well which firms up the southern extent of the Faroe-operated Brasse field.  This well proves the presence of excellent hydrocarbon bearing reservoir to the south of the original discovery and data gathered and yet to be gathered from the forthcoming DST will provide key information as we continue to progress towards development sanction.  Importantly, preliminary analysis of the well results confirms Brasse as a commercial discovery.

“Brasse is a significant project for Faroe and the region and it also highlights Faroe’s ability to continue to add significant value through low-cost drilling in our core areas.

“While continuing with an exciting ongoing exploration programme in Norway, Faroe is also actively investing in pre-development and development of several of our own discoveries, each of which has the potential to transform the value of the Company in the coming years.”

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