Faroe reports North Sea discovery with Brasse exploration well

ABERDEEN, Scotland -- Faroe Petroleum has reported an oil and gas discovery in the Faroe-operated Brasse exploration well in license PL740 in the Norwegian North Sea.

The Brasse well was drilled to a total depth of 2,780 m. The well encountered approximately 18 m of gross gas-bearing and approximately 21 m of gross oil-bearing Jurassic reservoir, which is believed to be analogous to the effective reservoir at the producing Brage oil field, which lies about 13 km to the north of Brasse.

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.

Faroe holds a 50% stake in the license, and its partner, Point Resources, holds the remaining 50%. According to a statement announcing the discovery, the partnership has now decided to drill a sidetrack to help confirm both the reservoir distribution and hydrocarbon contacts.

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