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Faroe Petroleum in minor oil, gas find near Heidrun field

ABERDEEN, United Kingdom -- Faroe Petroleum Norge AS, operator of production licence 645, is about to complete drilling of wildcat well 6507/10-2 S. The well was drilled about 13 km south of the Heidrun platform.

The primary exploration target for the well was to prove petroleum in Middle Jurassic reservoir rocks (Garn and Ile formations). The secondary exploration target was to prove petroleum in Lower Jurassic reservoir rocks (Tilje formation).

An approx. 12.5-m oil column and approx. 12-m gas column were encountered in the Garn formation, with thicker reservoir rocks and better reservoir quality than expected. The lower part of the Garn formation is aquiferous. Preliminary estimation of the size of the discovery is between 1 and 2.5 million Sm3 of recoverable oil equivalents. The other exploration targets in the Ile and Tilje formations are aquiferous. Further delineation of the discovery will be considered.

The well was not formation tested, but extensive data acquisition and sampling have been carried out.

This is the first exploration well in production licence 645. The licence was awarded in APA 2011.

The well was drilled to a vertical depth of 2,957 m below the sea surface, and was terminated in the Åre formation in the Lower Jurassic. Water depth is 298 m. The well will now be permanently plugged and abandoned.

Well 6507/10-2 S was drilled by West Navigator which will continue working on contract for Norske Shell AS on the Ormen Lange field.

01/28/2014

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