Faroe finds new oil west of Shetlands

Offshore staff

ABERDEEN, UK – Faroe Petroleum has discovered oil on the Fulla prospect, west of Shetlands.

Awilco’s semisub WilPhoenix spudded the 206/5a-3 well in early July in 407 ft (124 m) of water, 31 km (19 m) northeast of the BP-operated Clair platform. Chief targets were potentially oil-bearing Clair and Whiting reservoir sands, with further aims of running a full suite of wireline logs and obtaining representative oil samples.

The targeted reservoirs were encountered close to prognosis. The well drilled through a 133-ft (41-m) gross oil column and a net oil column of 45 ft (13.7 m), with average porosity in the net interval estimated at 23%.

Oil samples were recovered, allowing detailed fluid analysis to be performed at a laboratory onshore. Faroe and partner Canadian Overseas Petroleum now plan to start interpreting the results, and to identify development options. These could include the 1980 Freya discovery to the south in adjoining block 206/10a (also operated by Faroe).

The rig is currently P&A’ing the well, and should depart in the next few days.

In December 2010, Faroe farmed out a 50% interest in this licence to Canadian Overseas Petroleum Ltd on promoted terms.

Graham Stewart, Faroe’s CEO, said: “With better than expected reservoir quality and good indications of mobile oil, we believe there is potential for a commercial field development, most likely in combination with…Freya.”

08/24/2011



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