Faroe Petroleum reports significant shows at Hades, Iris prospects

LONDON -- Faroe Petroleum, the independent oil and gas Company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce significant discoveries in both the Hades and Iris prospects in licence PL 644 B (Faroe 20%), in the Norwegian Sea.

The exploration well 6506/11-10 targeted two formations: the Cretaceous Hades prospect and the Jurassic Iris prospect located directly underneath. The well has been drilled to a TD of 4,536 m (MD). Preliminary results based on coring, wireline logs, fluid sampling and pressure data show that the well has encountered gas/condensate bearing reservoir within both prospects.

Hades discovery

In the Hades prospect, at a depth of 3,932 m (MD), the well encountered a c. 35-m gross gas/condensate column within the Cretaceous Lange Formation of which 15 m are net reservoir sandstones of moderate to good reservoir quality. Preliminary gross volumes of recoverable hydrocarbons for the Hades prospect are estimated to be 19-113 MMboe, exceeding pre-drill estimates.

Iris discovery

In the Iris prospect, at a depth of 4,223 m (MD), the well encountered a 218-m, high net-to-gross sandstone interval, within the Jurassic Garn Formation, containing a 93-m column of gas/condensate. Within the gas/condensate column, net reservoir has been estimated at 85 m, consisting of sandstones of moderate to excellent reservoir quality. Pressure data indicates that the Hades and Iris prospects are separate hydrocarbon accumulations. Preliminary gross volumes of recoverable hydrocarbons for the Iris prospect are estimated to be 19-132 MMboe, exceeding pre-drill estimates.

Proximity to production infrastructure

The Iris and Hades discoveries are located approximately 8 km to the north of the producing Morvin field and 20 km to the northwest of the Åsgard Complex, where large quantities of gas and condensate continue to be produced and transported to several landing points on the European continent.

Appraisal program

All data from the two discoveries are being assimilated and a follow-up appraisal program is now being considered by the operator and partners.

The well was drilled by the Deepsea Bergen semisubmersible drilling rig. Licences PL 644 and PL 644 B are both operated by OMV (Norge) AS (30%), Faroe Petroleum Norge AS (20%), with partners Statoil Petroleum AS (40%)1 and Spirit Energy Norge AS (10%)1. The well will now be plugged and abandoned as planned.