Faroe Petroleum commits to Brasse East exploration well
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 the commitment by the PL740 Brasse Joint Venture partners (Faroe 50% and operator and Point Resources 50%) to drill the Brasse East exploration well and award the associated rig contract, with commencement of drilling operations expected in fourth-quarter 2018.
Recent seismic reprocessing and reinterpretation work has identified significant hydrocarbon potential in the vicinity of the eastern flank of Brasse field, which was discovered in 2016. Success could add further incremental volumes to the existing 2P reserves of 30.7 MMboe (net to Faroe) for the Brasse field development. This new Brasse East exploration well demonstrates the progressive approach being adopted by the Brasse Joint Venture towards derisking the wider prospective areas both to the east and the north east of the Brasse field, which includes the Brasse Extension prospect. It is envisaged that any additional volumes proven by the Brasse East exploration well may be developed in conjunction with the planned Brasse field development.
Faroe, as licence operator, has entered into a contract for the use of the Transocean Arctic semisubmersible rig for drilling of the Brasse East well, back-to-back and immediately following drilling of the Rungne exploration well in PL 825 (Faroe 40% and operator), for which the Transocean Arctic is already on contract. Both wells are expected to be drilled in H2 2018.
The Brasse discovery is located immediately to the south of Brage field and to the southeast of Oseberg field. At the end of 2017, the Brasse field development feasibility study phase was completed, confirming several economically attractive development solutions and export routes. Concept studies are currently progressing according to plan. The co-venturer in the Brasse PL 740/PL 740 B/PL 740 C licences is Point Resources AS (50%).
