Faroe Soars on Maria Discovery

An oil discovery was made in well 6406/3-8 T2 on the Maria prospect in the North Sea. Maria consists of two segments, Maria South and Maria North, located up dip to the southwest and northeast of the discovery well, respectively. Drilled to a vertical depth of 13,832 feet (4,216 meters) in the lower Jurassic Tilje formation on the Maria South segment, the well proved oil in the main target of the Garn formation in Jurassic sandstones. Preliminary log analysis indicates a thicker than expected gross oil column of 210 feet (64 meters) in a better than expected reservoir with excellent properties and a high net to gross ratio. Reportedly, Maria has oil properties similar to that of the nearby Trestakk discovery, at around 40 degrees API. It is estimated that Maria holds volumes in place of between 250 and 520 MMboe with recoverable volumes currently estimated at between 75 and 155 MMboe of oil and associated gas. The well was drilled by the Songa Delta semsiub in a water depth of 994 feet (303 meters), and the well is now being plugged and abandoned. Maria is situated on Blocks 6407/1 and 6406/3 in the Norwegian sector of the North Sea. Serving as operator of the field is Wintershall, holding a 25% interest; Concedo holds 10%; Spring Energy holds 15%; Centrica Resources holds 20%; and Faroe Petroleum holds 30% interest.

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