LONDON (Alliance News) - Faroe Petroleum PLC Monday said the Brasse oil and gas discovery in the Norwegian North Sea could contain up to 80.0 million barrels of oil equivalent after the company found another interval whilst drilling the side-track appraisal well.
Faroe is the operator of the Brasse discovery lying with licence PL740 with a 50% stake and drilled the side-track well to appraise the south-eastern part of the hydrocarbon bearing structure previously identified by the main discovery well.
The side-track well reached a depth of 2,530 metres and encountered a 25 metre gross oil column and a 6.0 metre gross gas column. Initial results suggest the oil and gas encountered is of a similar quality and pressure of that found in the main well.
Faroe now estimates the total gross volumes of recoverable hydrocarbons stands at between 28.0 to 54.0 million barrels of oil and 89.00 to 158.00 billion cubic feet of gas - which, combined, is equal to between 43.0 to 80.0 million barrels of oil equivalent.
The main discovery well on Brasse encountered a 21 metre gross oil-bearing and an 18 metre gross gas-bearing interval.
The Brasse discovery is located within tie-back distance to existing infrastructure, lying 13 kilometres to the south of the Brage field platform, in which Faroe holds a 14.3% working interest, 13 kilometres to the east of the Oseberg Sor field platform, and 13 kilometres to the south east of the Oseberg field platform.
Faroe and its partner, Point Resources AS, will now assess their options for the Brasse discovery.
"This discovery, in one of our core areas, builds, via this low cost exploration and appraisal well, on Faroe's already significant position in the Norwegian North Sea. Work will now begin on assessing options for monetising this important new asset, given its significant resource estimates and close proximity to existing infrastructure," said Chief Executive Graham Stewart.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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