Faroe Petroleum reports preliminary results for Brasse appraisal well
ABERDEEN -- 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 TD of 2,450 m, targeting a seismic anomaly approximately 2 km 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 Brasse field and encountered approximately 8.5 m 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 JV 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 JV will shortly decide on whether to drill a potential side-track to the current well (31/7-2 S). It 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 km to the south of the Brage field platform, in which the Company holds a 14.3% working interest and 13 km to the south east of the Oseberg field center.
