Faroe-operated rungne exploration well results show good, bad

11/14/2018

NORWAY -- Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, announces the results of the Faroe-operated Rungne exploration well 30/6-30 in the Norwegian North Sea (Faroe 40% working interest).

The well encountered a 56 m gross (17 m net) gas/condensate column in good quality interbedded Middle Jurassic Ness formation sandstones and 86 m of gross water bearing reservoir in the primary Oseberg formation target. No hydrocarbon contact was encountered within the Ness formation. Data acquisition has been undertaken including coring, logging and fluid sampling.

The preliminary gas and condensate recoverable volume range for the discovery in the Ness formation is likely to be in the range of 12-75 Bc and 0.5-3.9 MMbbls respectively (combined 2.7-17.0 MMboe) and therefore unlikely to be commercial in isolation.

The Rungne exploration well 30/6-30 spudded on October 19, 2018 and was drilled to a total depth of 3,469 m below sea level. Drilling operations were undertaken using the semi-submersible Transocean Arctic rig.

The current joint venture partners in the PL 825 licence are Faroe Petroleum (40% and operator), Lundin Norway AS (30%) and Spirit Energy Norge AS (30%). Subject to completion of two recent transactions, the PL 825 partnership will consist of Faroe (40% and operator), Equinor Energy AS (30%), Spirit Energy Norge AS (20%) and DNO Norge AS (10%).

Graham Stewart, chief executive of Faroe Petroleum, commented, “In a six well exploration program some disappointing outcomes are inevitable. Although no hydrocarbons were present in the main Oseberg target, we are pleased to have encountered hydrocarbons in the secondary Ness target which provides new data.

“In addition to the ongoing Agar/Plantain well, results from which are expected shortly, Faroe’s exploration program will continue over the remainder of the year with two further committed exploration wells in Norway: the Brasse East (Faroe-operated) and Cassidy wells.”

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