Faroe: Bone Exploration Well in Barents Sea Spud

Independent oil and gas firm Faroe Petroleum announced Thursday the commencement of the Boné exploration well 7318/12-1, which is located in the western part of the Norwegian Barents Sea.

The primary targets for the well are the Jurassic Stø and Nordmela sandstones, with a secondary target within the Triassic Fruholmen and Snadd sandstone formations.

Faroe Petroleum also revealed that the PL740 License partners have committed to the drilling of an appraisal well on the Brasse discovery in mid-2017.

The Brasse oil and gas discovery was announced in July 2016. The main wellbore 31/7-1  encountered an 59-foot gross gas column and a 68-foot gross oil column, and the sidetrack well (31/7-1A) encountered a 19-foot gross gas column and 82-foot gross oil column, with both wells encountering good quality Jurassic reservoir.

Total gross volumes of recoverable hydrocarbons have been estimated by the Company to be 28-54 million barrels of oil and 89-158 billion cubic feet of gas (43-80 million barrels of gross oil equivalent in aggregate).

“We are very pleased to announce the spudding of Boné, our first exploration well in 2017,” Graham Stewart, chief executive of Faroe Petroleum, said.

“We are also pleased to announce the forthcoming appraisal well on the Brasse license which will serve to mature this discovery towards development. Together with Point Resources we are progressing feasibility studies which will be ongoing in parallel with the appraisal project,” he added.

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