Faroe Petroleum Discovers Oil, Gas at Brasse Well

Faroe Petroleum has made an oil and gas discovery through its Brasse exploration well in license PL740 in the Norwegian North Sea.

The well was drilled to a total depth of 9,120 feet and encountered approximately 60 feet of gross gas-bearing reservoir and approximately 70 feet of gross oil-bearing reservoir. Preliminary results based on extensive coring, wireline logs and pressure data show that the well has encountered oil and gas in reservoir sandstones of good quality. The presence of oil and gas has been confirmed subsequently by fluid sampling.

A sidetrack well will now be drilled to help confirm both the reservoir distribution and hydrocarbon contacts. Faroe Petroleum owns a 50 percent operated interest in the well with Point Resources AS holding the remaining 50 percent stake.

“We are very pleased to announce the oil and gas discovery at the Brasse prospect and await the results of the sidetrack,” said Graham Stewart, chief executive of Faroe Petroleum.

“This discovery in one of our core areas builds on Faroe’s already significant position in the Norwegian North Sea via a low cost exploration well. If the Brasse drilling results prove a commercial discovery, it could be tied-back to the Brage production facilities or alternatively to other nearby installations,” he added.



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