The semisubmersible Transocean Arctic drilled well 31/7-1 in 118 m (387 ft) of water in license PL740, to a TD of 2,780 m (9,121 ft).
The well encountered around 18 m (59 ft) of gross gas-bearing and 21 m (69 ft) of gross oil-bearing Jurassic reservoir, thought to be analogous to the reservoir at the producing Brage oil field, 13 km (8 mi) to the north.
Faroe has a 14.3% interest in Brage, operated by Wintershall.
Early results based on coring, wireline logs, and pressure data show that the oil and gas are in reservoir sandstones of good quality.
Faroe and its partner Point Resources have decided to drill a side track to confirm reservoir distribution and hydrocarbon contacts. A further announcement will be made at the completion of drilling activities. The co-venturer in the PL740 license is Point Resources AS (50%).
Graham Stewart, CEO of Faroe Petroleum, said: “If the Brasse drilling results prove a commercial discovery, it could be tied-back to the Brage production facilities or alternatively to other nearby installations.”
In the Norwegian Sea, Statoil has suspended production from the Njord and Hyme fields (Faroe 7.5%) and the Njord A semisubmersible platform will be towed to shore for refurbishment and modification.
Share your news with Offshore at firstname.lastname@example.org