Faroe Petroleum commences drilling of Brasse East exploration well

11/21/2018

ABERDEEN -- Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has announced the commencement of the Faroe-operated Brasse East exploration well 31/7-3 S, in the Northern North Sea (Faroe 50% working interest).

The Brasse East well is being drilled immediately east of Brasse field (discovered by Faroe in 2016 and appraised in 2017) which, in turn, is located 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 licenses is Point Resources AS (50%).

The total expected vertical depth of the well is approximately 2,271 m, in water depth of 124 m. Drilling operations will be undertaken using the semisubmersible Transocean Arctic rig. The results reportedly will be announced on completion of drilling operations.

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