Faroe announces results of Brasse East exploration well

ABERDEEN -- Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, announces the results of the Brasse East exploration well 31/7-3 S and the Brasse appraisal sidetrack 31/7-3 A in the northern North Sea (Faroe 50% working interest and operator).

The Brasse East exploration well 31/7-3 S was drilled to a TD of 2,247 m below sea level. The well targeted a separate structure located to the east of Brasse field. The well encountered 48 m of gross Jurassic reservoir with excellent properties, but was found to be water wet. Data acquisition was undertaken including coring and logging.

The Brasse appraisal well 31/7-3 A sidetrack, planned as a further appraisal of the northern part of Brasse field, was drilled to a total depth of 2,254 m below sea level. Preliminary analysis of the log data acquired whilst drilling, indicates the well encountered approximately 40 m of gross hydrocarbon-bearing Jurassic reservoir. Both the reservoir depths and the hydrocarbon contact are similar to the pre-drill expectations. Further wireline logging is ongoing which will be incorporated into the final well results.

Drilling operations are being undertaken using the semi-submersible Transocean Arctic rig. The co-venturer in the Brasse PL 740/PL 740 B/PL 740C licenses is Vår Energi AS (50%).