Faroe Petroleum

Faroe Petroleum has announced an oil discovery in well 6407/8-6 and sidetrack 6407/8-6A on the Snilehorn prospect in the Norwegian Sea.

The prospect is located four kilometres from the Hyme producing oil field, which in turn is about 19km from the Njord field production facilities.

Hyme, which was brought on stream earlier in 2013, produces into the Njord field’s facilities and is one of six recent development projects, which have been successfully executed by Statoil.

The main bore 6407/8-6 encountered oil columns of about 40m thickness in the Ile formation, 130m in the Tilje formation and in addition approximately 21m in the Triassic Grey-Beds formation.

According to the company, in the main bore, oil-down-to situations were encountered in all three formations.

The sidetrack 6407/8-6A encountered oil columns of about six metres of thickness in the Melke formation, 75m in the Ile formation and 43m in the Tilje formation.

In the sidetrack, oil-down-to situations were encountered in the Melke and Ile formations and the oil-bearing Triassic interval found in the main bore was not encountered.

As assessed by Statoil as the operator, the preliminary volumetric estimates of the size of the discovery are between 57 and 101 million barrels of recoverable oil equivalent.

Statoil used the Songa Trym rig to perform drilling operations at the well, which has a vertical depth of 3,400m below sea level and ended in the upper Triassic formation.

Faroe Petroleum chief executive officer Graham Stewart said the Snilehorn prospect can add new production at a low cost through a tie-back via the nearby Hyme field facilities.

"We are very pleased to announce a significant discovery on the Snilehorn prospect, our second successful exploration well in the Norwegian Sea this year, following the Rodriguez discovery in January," Stewart added.

Image: Faroe Petroleum finds oil in well 6407/8-6. Photo courtesy of Faroe Petroleum plc.