Faroe hits pay on Glenlivet, lines up more North Sea wells

The Glenlivet exploration well, West of Shetland has hit pay, according to Faroe Petroleum.

Offshore staff

LONDON-- The Glenlivet exploration well, West of Shetland has hit pay, according to Faroe Petroleum. The semisub Transocean Rather drilled the well to a total depth of 7,654 ft (2,333 m). The Palaeocene reservoir was encountered close to prognosis, with the upper reservoir section indicating gas-filled sand. Preliminary log analysis indicates a 201-ft (61-m) net gas column of excellent reservoir quality, the company says. The average porosity in the penetrated reservoir section is high and permeability is also expected to be very high.

Further analysis of the results is under way and the drilling of a potential immediate side track well on the discovery is currently being evaluated by the partnership, with a decision expected in the next two days. If proved to be commercial, Glenlivet could become a part of the planned new UK west of Shetland gas gathering system, with the Total-operated Laggan gas field as the focal point. Glenlivet is 15 km (9.3 mi) from the proposed Laggan gas export pipeline to Sullom Voe in the Shetland Islands, and Glenlivet license operator DONG E&P is also a 20% equity partner within the Laggan development project.

The Glenlivet license also contains another gas discovery, Laxford (Faroe 10%) and a number of further potential exploration targets, all situated close to the Glenlivet discovery. Some of these additional opportunities may also have the potential to be commercialized through the planned new UK west of Shetlands gas gathering system, Faroe says.

The Glenlivet well is the first of a firm five-well Atlantic Margin exploration drilling program which Faroe is undertaking over the coming months. Drilling of the second well in the program, operated by OMV, is scheduled for this month, and will test the Tornado oil prospect, close to BP’s producing Schiehallion field. Following Tornado, the company is scheduled to drill three further high-impact exploration wells, the Anne Marie oil prospect in the Faroes (operated by Eni), the Cardhu oil prospect in the UK (operated by BP) and the Lagavulin oil prospect in the UK (operated by Chevron).

09/14/2009

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