Faroe Petroleum reports Cassidy exploration well results

Faroe Petroleum has failed to find hydrocarbons in the primary target of its Rungne exploration well in the North Sea offshore Norway. No hydrocarbon contact was encountered within the Ness formation.

The company on Wednesday said the Rungne exploration well encountered a 56 meter gross (17-meter net) gas/condensate column in good quality interbedded Middle Jurassic Ness formation sandstones and 86 meters of gross water-bearing reservoir in the primary Oseberg formation target.

According to Faroe, 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 bscf and 0.5-3.9 mmbbls respectively (combined 2.7-17.0 mmboe) “and therefore unlikely to be commercial in isolation.”

Faroe had targeted the unrisked gross resources of c. 70 mmboe. The well encountered 13 m of water bearing Jurassic Ula formation sandstones. Data acquisition has been undertaken.

The Rungne exploration well 30/6-30 spudded on October 19, 2018, and was drilled to a total depth of 3,469 meters below sea level. The well 8/10-7S within the PL405 Oda licence encountered 13 meters of water bearing Jurassic Ula formation sandstones, Faroe said.

Drilling operations were undertaken using the semi-submersible Transocean Arctic rig. 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.”

The Transocean Arctic will move to Faroe’s Brasse East well, where Faroes is hoping to add further incremental reserves to the existing 2P reserves of 30.7 mmboe (net to Faroe) for the planned Brasse field development. The unrisked gross resources targeted are 12.5 mmboe.

Independent oil and gas company Faroe Petroleum announced the Cassidy exploration well in the Norwegian North Sea will be plugged and abandoned following “disappointing” results.

Data acquisition has been undertaken. Co-venturers in the Oda PL405 licence are Faroe (15 percent), Spirit Energy Norge AS (40 percent and operator), Suncor Energy Norge AS (30 percent) and Aker BP ASA (15 percent).

Faroe’s CEO Graham Stewart, CEO, said, “Whilst the result of the Cassidy well is disappointing, Faroe has maintained its above average exploration success rate in 2018 with two commercial discoveries out of four wells so far this year:

Iris Hades in Norway (Faroe’s largest discovery to date); and Agar in the U.K. “We remain active over the coming months, with the Brasse East well currently drilling, and a further three exploration and appraisal wells so far committed for drilling in H1 2019.”

The co-venturers in the Oda PL405 license are Faroe (15%), Spirit Energy Norge AS (40% and operator), Suncor Energy Norge AS (30%) and Aker BP ASA (15%).

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