Faroe lines up four wells offshore Norway

Faroe Petroleum has outlined its 2015 drilling schedule offshore Norway.

Offshore staff

ABERDEEN, UK – Faroe Petroleum has outlined its 2015 drilling schedule offshore Norway.

The company will participate in four wells. One, operated by Total, is on the Shango prospect in the North Sea on the northern part of the Utsira High.

The semisubmersibleLeif Eiriksson should spud the well during the first half of the year, targeting a large Jurassic structure with prospective resources of 30-110 MMboe. Shango has been de-risked, Faroe says, by the production performance of the nearby Skirne field, suggesting a possible spill-over from Shango to Skirne.

If the well is successful, a fasttrack tieback development could follow via Skirne to the Heimdal complex.

In the Norwegian Sea, operator VNG plans two exploration wells this summer to follow up on last year’sPil and Bue discoveries, thought to contain 80-200 MMboe combined, of which around 80% could be oil and condensate. The semisub Transocean Arctic will drill the Blink and Boomerang prospects, target resources of 93-490 MMboe.

The other well will be on the Bister prospect in the second half of this year in the Hyme/Snilehorn license, adjacent to the Statoil-operatedNjord field in the Norwegian Sea. Statoil has so far proved 57-101 MMboe at Snilehorn.

There is evidence of a pressure barrier between Snilehorn and Hyme which helps de-risk Bister, Faroe claims. The well will target 20-90 MMboe.

Faroe’s planned well on the Kvalross structure in the Barents Sea may have to be delayed due to rig scheduling. The location is south ofOMV’s Wisting oil discovery.

When drilling does start, the well will likely test two targets: the Lower Triassic Kvalross Prospect, with potentially significant gas resources in Klappmyss clinoform reservoirs within a mega-closure; and the Early Triassic Kvaltann prospect, a Snadd Formation sandstone channel directly above Kvalross, with oil potential. Total reserves targeted are in the 50-580 MMboe range.

01/22/2015

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