Faroe reports discovery at Pil well in Norwegian Sea

Faroe Petroleum reports an oil and gas discovery on the Pil exploration well in the Norwegian Sea (Faroe 25%).

Mar 6th, 2014

Offshore staff

ABERDEEN, UKFaroe Petroleum reports an oil and gas discovery on the Pil exploration well in the Norwegian Sea (Faroe 25%).

The Pil well (6406/12-3S) encountered a gross hydrocarbon-bearing reservoir section with 135 m (443 ft) of oil and 91 m (299 ft) of gas in the Jurassic reservoir of the Rogn formation, which has proved to be an effective reservoir at the Shell-operated Draugen oil field, located 60 km (37 mi) to the northeast.

Preliminary results based on coring, wireline logs, and pressure data show oil and gas in reservoir sands with a high net to gross ratio.

Extensive data have been collected, including the coring of the hydrocarbon-bearing zone, and the partners in the well have decided that a drillstem test will be undertaken once total vertical depth has been reached. Subject to positive test results, an immediate side track is expected to be drilled to confirm the lateral extent of the Rogn reservoir.

Faroe said the Pil discovery has de-risked further prospectivity within the license (License PL 586), which is being assessed for possible fasttrack drilling.

The Pil prospect is within tieback distance (33 km/21 mi) of the Njord platform in which the company holds a 7.5% working interest. The vertical depth of the well is currently at 3,605 m (11,828 ft). The Pil license drilling operations are operated by VNG Norge AS (30%), using the Transocean Arctic drilling rig, with partners Spike Exploration Holdings AS (30%) and Rocksource Exploration Norway AS (15%).

03/05/2014

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