EXPLORATION company Faroe Petroleum has made an oil and gas discovery in the Norwegian North Sea with its Brasse exploration well in licence PL 740, the company has announced.
Faroe and its partner in the PL740 licence, Point Resources, are planning to drill a sidetrack to help confirm both the reservoir distribution and hydrocarbon contacts.
Drilled to a total depth of 2,780 metres, the well encountered about 18 metres of gross gas bearing and about 21 metres of gross oil-bearing Jurassic reservoir during its drilling campaign, which began in May.
Faroe said it believed that the oil and gas found by the well was analogous to the effective reservoir at the producing Brage oilfield, located about 13 kilometres to the north.
“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 company said in an announcement.
“The presence of oil and gas has been confirmed subsequently by fluid sampling.”
Faroe chief executive Graham Stewart said he was awaiting the results of the sidetrack.
“This discovery … builds on Faroe’s already significant position in the Norwegian North Sea via a low cost exploration well,” he said.
“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.”