Faroe Petroleum reports positive results from Brasse sidetrack appraisal well
LONDON -- Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, has announced the results of the 31/7-2S Brasse sidetrack appraisal well in the Norwegian North Sea (Faroe 50% and operator, Point Resources 50%).
The Brasse appraisal well sidetrack 31/7-2A has been drilled to a total depth of 2,275 m TVDSS, targeting the reservoir 1.0 km to the west of the appraisal well (31/7-2 announced on June 13, 2017) and 2.4 km to the south of the main discovery well (31/7-1 announced on June 16, 2016). An extensive data acquisition program was carried out in the 31/7-2A sidetrack, including the cutting of cores together with a full suite of wireline logs and fluid samples. The sidetrack well successfully penetrated the gas-oil contact and the oil-water contact in the southern part of Brasse field and encountered approximately 18 m of gross oil-bearing and 4 m of gross gas-bearing Jurassic reservoir above the oil water contact. Preliminary results show that the well has encountered oil in a sand-rich reservoir of very good quality with the same oil-water contact as in the discovery well (31/7-1) and in the main bore of the appraisal well (31/7-2). The pressure data indicates good pressure communication within the reservoir.
Based on extensive data collected from the initial discovery well, initial sidetrack, appraisal well (with drill stem test) and the appraisal well sidetrack, the total gross volumes of recoverable hydrocarbons for the Brasse field have been revised up to 46-76 MMbbl of oil and 59-97 Bcf of dry gas (56-92 MMboe in aggregate).
Brasse field discovery was made by Faroe in 2016 and is located within tie-back distance to existing infrastructure: 13 km to the south of the Wintershall-operated Brage field platform, in which the Company holds a 14.3% working interest and 13 km to the south east of the Statoil-operated Oseberg Field Center.
Extensive feasibility studies of the Brasse field development have been carried out focusing on a subsea development solution tied-back to either one of the hosts in the nearby area. This work is ongoing and external studies have already been undertaken for the joint venture for the Subsea Production System (SPS), flow assurance and pipeline and marine work. Technical and commercial activities related to the potential hosts were formally initiated in fourth-quarter 2016. This work is ongoing and progressing according to plan and in accordance with the regulations relating to the use of facilities by others as set out by Norwegian authorities.
The preliminary reservoir development plan includes three to six production wells and an optional water injection well for pressure support. Initial flowrates from the prolific Brasse reservoir are expected to be higher than previously thought, with predicted delivery rates above 30,000 boed and first oil in 2020-2021.
Based on the completed reservoir and feasibility studies, preliminary total development capex has been estimated at c. $550 million for the mid-case development scenario consisting of four wells and one subsea template.
Key project milestones going forward include the Final Concept Selection and the submission of a Plan for Development and Operations (PDO), both of which are planned for 2018.
The appraisal well will now be plugged and abandoned as planned.
