Faroe Petroleum Hits Oil at Novus Well (Norway)

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the UK and Norway, announces the results of the Novus exploration well (Faroe 30%).

 

Operated by Faroe, the exploration well 6507/10-2S, which spudded on 11 November 2013, was targeting the Jurassic reservoirs of the Garn, Ile, and Tilje formations on the Novus prospect. Strong AVO (amplitude versus offset) and 3D seismic amplitude anomalies at the target level were observed and analogous to discoveries in nearby fields.

The main well bore targeting the Novus West horst block encountered a 12 metre net gas column and a 12.5 metre net oil column in a high quality, thicker than expected Garn formation. The Ile and Tilje formations were encountered in line with expectations but were found to be water wet. Extensive data gathering has been undertaken including pressure and fluid samples from the main reservoir zones, and the preliminary volumetric estimate of the size of the discovery is between 6 and 15 mmboe recoverable gross, net to Faroe 1.8 to 4.5 mmboe.

The well has confirmed the play model, with excellent quality reservoirs in the area, and that 3D seismic anomalies are diagnostic as a direct hydrocarbon indicator in these types of reservoirs. The Novus well results will now be integrated into the exploration model for this area and used to refine the analysis and de-risk the remaining prospects and leads in the licence.

The Novus prospect is located some nine kilometres to the south of the Statoil‐operated, producing Heidrun oil field in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea. This is an area in which Faroe has built a strong position over several years, and has had considerable exploration success, including the significant Maria, Fogelberg and Rodriguez discoveries.

The drilling operations were undertaken by Faroe as operator using the West Navigator drillship and the well, which was drilled to a total vertical depth of 2,957 metres, will now be plugged and abandoned.

In order to manage the cost exposure associated with the well, Faroe farmed down its interest in the Novus licence from 50% to 30%, as announced in August 2013, on a cost carried basis, thereby, in combination with the Norwegian tax rebate, reducing Faroe’s costs significantly. The other partners in this licence are Centrica Resources Norge AS, Skagen 44 AS, Spike Exploration Holdings AS and Concedo AS.

Graham Stewart, Chief Executive of Faroe Petroleum, said:

“We are pleased to announce a small discovery of oil in the Novus prospect and the de-risking of the identified structures and prospects which remain in the licence, through the successfully calibrated seismic data. The well confirms the robustness of our geophysical model and the team’s ability, and there is real potential for Novus to have future commercial value in combination with a discovery from one of the identified and de-risked prospects and leads in the immediate vicinity.

“Elsewhere in Norway, the exploration campaign continues, following the significant Snilehorn discovery announced in November 2013, with the current drilling of the Butch East well (Faroe 15%), located close to the producing Ula, Tambar and Gyda oil fields. Also drilling currently is the Pil exploration well which is in close proximity to the Njord hub facilities. We look forward to the commencement of drilling on the Solberg (Faroe 20%) and Butch South West (Faroe 15%) prospects, both in Norway in the near future.”

Press Release, January 27, 2014

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