The company said that production remained strong, averaging about 10,350 boe/d. No significant further shutdown periods are expected in any of Faroe’s largest fields and on that basis, it announced an upward revision of the 2015 full year production guidance to 9,500-10,500 boe/d average.
The objective of well 6406/12-5 S (Blink) was to test the hydrocarbon potential of the Upper Jurassic reservoirs analogous to the Pil, Bue, Boomerang, and Draugen field reservoirs. The well encountered a 557 m (1,827 ft) gross section of Upper Jurassic sandstone following a technical side track (6406/12-5 S T2). The well reached a total vertical depth of 3,710 m (12,171 ft) below sea level and preliminary analysis from wireline logs, pressure, and fluid sampling shows that the well encountered clean water-wet sandstones with good reservoir properties but with no indications of hydrocarbons.
The 6406/12-5 S well was drilled on the Halten Terrace, approximately 27 km (17 mi) southwest of the Njord field and 5 km (3 mi) northeast of the Pil discovery well. Well 6406/12-5 S followed on directly from the Boomerang exploration well which encountered a 26 m (88 ft) gross Upper Jurassic intra-Spekk/Rogn sandstone containing estimated recoverable resources of between 13 and 31 MMboe.
Despite what the company called “disappointing” well results on the Blink prospect, it said that the Pil, Bue, and Boomerang discoveries constituted a large oil and gas accumulation and, together, one of the most significant new discoveries and pending development projects in Norway in recent years. Their location, in close proximity to infrastructure and to Njord and Draugen, represents additional strategic significance.
Work will proceed with planning of the Pil area field development. The recoverable resource ranges currently stand at between 80 and 200 MMboe for Pil and Bue and between 13 and 21 MMboe for Boomerang. The combined discoveries have the potential to be either a standalone development or a tieback to either the Njord field or the Draugen field.
Faroe’s drilling program continues into 2016 with one frontier exploration well and two near field exploration wells currently being planned. The first well in early 2016 will be the Kvalross exploration well in the Barents Sea, operated by Wintershall. Kvalross will target a new play of Lower Triassic clinoform reservoirs within a megaclosure. The well will also target the Kvaltann Prospect consisting of channel sandstones in the Middle Triassic Snadd Formation.
In addition, the company is planning two near field exploration wells. The first is the Norwegian North Sea Brasse exploration well expected to be drilled mid next year. Brasse will test a structure immediately to the south of the Brage field and if successful could be tied back to Brage or alternatively to Oseberg located a similar distance to the west. In addition, the Njord partnership led by operator Statoil is planning to drill a new prospect, on the North Flank of Njord, in close proximity to the main field.
The Dazzler well in the Barents Sea, which was previously expected to be drilled in 2016, is now expected in 2017.
Faroe also recently acquired from Lundin a 75% interest in production license 006C, which contains the South East Tor discovery. Pending authority approvals, Faroe will have 85% interest and operatorship. The South East Tor discovery well 2/5-3 was drilled in 1972 on the crest of a salt induced anticline. The well encountered oil in both the Tor and Ekofisk formations which were both successfully tested, with 43° API oil quality at 4,525 b/d from the Tor formation and also 4,281 b/d from a separate test in the Ekofisk formation.
The company is assessing the potential of South East Tor and will be studying the feasibility of different scenarios for how the resource can best be exploited. Alternatives which are being considered range from appraisal drilling followed by a regular field development plan to a phased approach based on a self-funded low cost early production system ahead of a longer term offtake solution.
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