Faroe Petroleum PLC and Canadian Overseas Petroleum Ltd. encountered oil at the Fulla exploratory well in the UK West of Shetlands region.
The 206/5a-3 well, 31 km northeast of the BP-operated Clair field platform on the Atlantic margin of the UK North Sea, encountered a 133-ft gross oil column that includes an estimated 45-ft net oil column with porosity estimated to average 21% in the gross reservoir. Detailed analysis is being run on oil samples.
The Fulla well spudded July 6, 2011, and was drilled to 7,711 ft total depth in 407 ft of water. It targeted oil in Clair and Whiting reservoir sands.
The two companies will discuss development options that include the Freya discovery made in 1980 on adjoining Block 206/10a. Faroe Petroleum and COPL own 50-50 equity interests in both blocks.
COPL said Fulla is the first of six exploration wells the company plans to initially drill in the UK offshore. The Esperanza and Bluebell prospects are to be drilled this autumn.