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May 27, 2014

Faroe finds more oil at Pil side-track well in Norwegian Sea

Faroe Petroleum said appraisal drilling on a well in the Norwegian Sea has encountered more oil, with a second well planned in the coming days.

Offshore

Faroe Petroleum said appraisal drilling on a well in the Norwegian Sea has encountered more oil, with a second well planned in the coming days.

The Pil side-track well (6406/12-3 B) has reached a total depth of 3,996m below sea level.

Initial results from the appraisal well indicate a hydrocarbon-bearing reservoir section with approximately 80m of oil in the Upper Jurassic reservoir of the Rogn Formation.

The company revealed on 6 March 2014 that Pil’s discovery well encountered a gross hydrocarbon-bearing reservoir section with approximately 135m of oil and 91m of gas.

The subsequent drilling generated a stable flow rate of 6,710 barrels of light crude oil per day, which Faroe says has provided clear evidence of a prolific reservoir.

The second well will test for oil in the separate Bue prospect, which the company says has the potential to add further volumes to the Pil project.

"The second well will test for oil in the separate Bue prospect, which the company says has the potential to add further volumes to the Pil project."

Faroe owns 25% of the Pil project, with Spike Exploration and VNG Norge holding 30% each while the remaining 15% is held by Rocksource Exploration Norway.

Faroe Petroleum chief executive Graham Stewart said: "The successful well result on this Pil appraisal side-track adds further value to Faroe’s already substantial position in this prolific part of the Norwegian Sea, and we aim to unlock further potential in this exciting core area.

"In the near term we look forward to reporting results from exploration drilling on both the nearby Bue prospect (Faroe 25%) and the Butch South-West prospect (Faroe 15%) in the Norwegian North Sea."


Image: The Pil side-track well (6406/12-3 B) has reached a total depth of 3,996m below sea level. Photo: courtesy of Faroe Petroleum.

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