Successful drill stem test in Norwegian Sea for VNG

Faroe Petroleum has announced a successful Drill Stem Test on the 6406/12-3S Pil exploration well (Faroe 25%), drilled 33 kilometres from the Njord production facility (Faroe 7.5%) in the Norwegian Sea.

Highlights:

– The well flowed at a stable rate of 6,710 bopd of 37° API oil from a 56/64″ choke providing clear evidence of a prolific reservoir,

– The preliminary estimated range of recoverable resource, from the results of the initial exploration well, is between 50 and 170 million barrels of oil equivalent (mmboe) – significantly greater than expected,

– A sidetrack well is to be drilled immediately following completion of the DST to appraise the lateral extent of the Pil discovery,

– A second sidetrack well to test further prospectivity in the neighbouring Bue target is also being planned in immediate succession.

An extensive data acquisition programme was carried out in the 6406/12-3S well, including the gathering of core together with a full suite of wireline logs and a DST. During the recently completed DST the measured main period stable flow rate was 6,710 bopd from a 56/64″ choke. Pressure measurements indicate a prolific reservoir capable of sustainably higher flow rates from future development wells than were achieved in the constrained DST.

The site sampling of the fluid produced during the DST indicates the presence of 37° API oil with a gas/oil ratio of 853 scf/stb, to be confirmed by onshore laboratory testing. A preliminary estimate of recoverable resource for the gross size of the discovery, from the results of the initial exploration well, is between 50 and 170 mmboe (Net to Faroe 13 to 42 mmboe), of which between gross 8 and 20 mmboe (45 to 114 Bscf) is contained in the gas cap (Net to Faroe 11 to 29 Bscf).

VNG Norge AS, operator of Production Licence P586, will now start a sidetrack to prove the lateral extent of the Pil discovery. This will be immediately followed by a further sidetrack to assess the potential of the neighbouring Bue target. Both sidetracks have the potential to increase the preliminary estimate of recoverable resource of the discovery.

The Pil licence drilling operations are being operated by VNG Norge AS (30%) using the Transocean Arctic drilling rig with partners Spike Exploration Holding AS (30%) and Rocksource Exploration Norway AS (15%).

Graham Stewart, Chief Executive of Faroe Petroleum, said: “We are very pleased to announce the results of this highly successful drill stem test on the Pil discovery, which considerably exceed expectations and significantly de-risk further prospectivity for this reservoir package in the licence. The Pil well builds substantially on Faroe’s discovered volumes located within tie-back distance of our Njord infrastructure. We look forward to the results of the two sidetracks and proving up further potential on this licence.

“This is an outstanding result for Faroe’s world class exploration team. Together with our notable recent discoveries on Snilehorn and Solberg, Faroe’s exploration successes provide clear vindication of our long-standing strategy to take material stakes in high-impact exploration prospects offering significant value to our shareholders.

“Elsewhere, drilling activities continue in our exploration and appraisal programme with the ongoing drilling of the Butch East exploration well (Faroe 15%), located adjacent to the Butch Main discovery (Faroe 15%) in the Norwegian North Sea, with results expected in the coming weeks.”

Press Release, April 10, 2014

 

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