VNG Norge Hits Oil, Gas with Pil Well

VNG Norge has found oil and gas at its Pil well in the Norwegian Sea, Faroe Petroleum – a partner in the well – announced Thursday.

Faroe said that a gross hydrocarbon-bearing reservoir section, with approximately 443 feet of oil and 299 feet of gas, has been penetrated. Extensive coring, wireline logs and pressure data show oil and gas in reservoir sands with a very high net-to-gross ratio, the firm added.

VNG will now conduct drill stem testing to acquire fluid samples and establish commercial flow rates. Also, a side track well is expected to be drilled shortly to help appraise the discovery.

Faroe said that the Pil discovery has de-risked further prospectivity on the license (PL586), which is now being assessed for a possible fast-track drilling campaign.

The Pil prospect is located within tie-back distance (20 miles) of the Njord platform.

Partners in the well include VNG (30 percent), Faroe (25 percent), Spike Exploration (30 percent) and Rocksource Exploration Norway (15 percent).

Faroe Chief Executive Graham Stewart commented in a company statement:

"We are very pleased to announce the oil and gas discovery at the Pil prospect and await the results of the production test. This discovery builds on Faroe’s already significant position in this prolific part of the Norwegian Sea and we look forward to unlocking further potential on this license. 

"Pil is one of three exploration and appraisal wells we are drilling concurrently in our continuing high impact exploration and appraisal program.  The two other wells currently drilling are the Solberg well (Faroe 20 percent), on the Halten Terrace, and the Butch East well (Faroe 15 percent), adjacent to the Butch Main discovery (Faroe 15 percent) in the Norwegian North Sea.  Results are expected on Solberg and Butch East in the coming weeks."

Oil sector analysts at London-based investment bank Westhouse Securities said they believe the size of the Pil discovery could potentially be greater than pre-drill estimates of 36 million barrels, although they also cautioned: "The exact size of the discovery is yet to be confirmed and we look to the results of the production test and the side-track."

The well was drilled using the rig Transocean Arctic (mid-water semisub).


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