Faroe Petroleum PLC (LON:FPM) Results of the Brasse Appraisal side-track

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, announces the final results of the Brasse appraisal sidetrack 31/7-3 A in the northern North Sea (Faroe 50% working interest and operator).

The Brasse appraisal well 31/7-3 A sidetrack, was planned as an appraisal of the northern part of the Brasse field, commenced on the 17 December 2018 and drilled to a total depth of 2254 metres below sea level. Wireline logging, pressure data and fluid sampling confirms that the well has encountered 62 metres of gross hydrocarbon-bearing Jurassic reservoir, and a c. 20 m deeper oil water contact in the northern part of Brasse compared to the central and southern parts.

Based on the extensive data collected from the four previous wellbores and the excellent quality sands encountered in the Brasse East exploration well 31/7-3 S, immediately to the east of Brasse and the northern appraisal side-track, the uncertainty range for the total gross volumes of recoverable hydrocarbons in the Brasse field will be revised. The sidetrack well encountered a lower than expected net to gross ratio and a significantly deeper oil water contact. These new data points will now be incorporated in the Brasse geological models and an updated reserves range will be reported in due course.

Drilling operations are being undertaken using the semi-submersible Transocean Arctic rig and the well will now be plugged and abandoned as planned.

The co-venturer in the Brasse PL 740/PL 740 B/PL 740C licences is Vår Energi AS (50%).

Faroe Petroleum is quoted on the AIM Market of London Stock Exchange. The Company is funded from cash reserves and cash flow, with a net cash position of £83 million (unaudited) at 30 June 2018, up from £75 million at 31 December 2017 and in addition has access to a $350 million reserve base lending facility. The Company has also raised a $100 million senior unsecured bond which is listed on the Oslo Børs. Faroe has a highly experienced technical team who are leaders in the areas of seismic and geological interpretation, reservoir engineering and field development, focused on creating exceptional value for its shareholders.

 


 

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