VNG's Pil Well Flows at 6,710 Bopd

Junior explorer Faroe Petroleum reported Thursday that VNG Norge, its partner and operator of production license P586 in the Norwegian Sea, has successfully completed a drill stem test on the 6406/12-3S Pil discovery well.

The well flows at a stable rate of 6,710 barrels of oil per day at 37-degree API from a 56/64-inch choke, which Faroe said provides clear evidence of a prolific reservoir. A preliminary estimate of recoverable resource is for between 50 million and 170 million barrels of oil equivalent – which firm said is "significantly greater than expected".

Faroe added that a sidetrack well is to be drilled immediately following completion of the drill stem test to appraise the lateral extent of the Pil discovery, while a second sidetrack well to test further prospectivity in the neighboring Bue target is also being planned.

Faroe Chief Executive Graham Stewart commented in a company statement:

"We are very pleased to announce the results of this highly successful drill stem test on the Pil discovery, which considerably exceed expectations and significantly de-risk further prospectivity for this reservoir package in the license. The Pil well builds substantially on Faroe's discovered volumes located within tie-back distance of our Njord infrastructure.  We look forward to the results of the two sidetracks and proving up further potential on this license."

VNG holds a 30-percent stake in production license P586, while Faroe, Spike Exploration and Rocksource Exploration Norway hold 25 percent, 30 percent and 15 percent respectively.

Meanwhile, Faroe reported that the Solberg well (6407/1-7) and its sidetrack (6407/1-7A) in the Norwegian Sea have encountered gas and condensate in the Lower Cretaceous Lange formation. Here, Wintershall is the operator with a 35-percent stake, while Faroe, Centrica Resources Norge, Moeco Oil & Gas Norge and Spike Exploration hold 20 percent, 20 percent, 15 percent and 10 percent.

The preliminary resources estimate for Solberg is in the range of 6 million to 25 million barrels of oil equivalent, which London-based investment bank Westhouse Securities said was lower than its pre-drill estimate of 50 million barrels.


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