Faroe Announces Results of Skirne East (Shango) exploration well

Faroe Announces Results of Skirne East (Shango) exploration well

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce the results of the Skirne East exploration well (Faroe 20%) in Norway.

Highlights:
The Total E&P Norge AS (“Total”) operated Skirne East exploration well 25/6-5S, in the Norwegian North Sea is a gas discovery, which encountered a net 10 metre gas column in the high quality Middle Jurassic Hugin formation

The preliminary volumetric gross estimate of the size of the discovery is 3 to 10 million barrels of oil equivalent (“mmboe”) recoverable (0.6 to 2.0 mmboe net to Faroe)

The partnership will now consider the potential for development of the Skirne East discovery

Exploration well 25/6-5S has encountered a net gas-bearing reservoir section estimated at 10m in the Middle Jurassic Hugin formation, confirming hydrocarbons at the same reservoir level as in the adjacent producing Skirne field. Reservoir properties were found to be excellent and extensive data gathering has been conducted.

The preliminary resource estimate for the Skirne East discovery is in the range of 3 to 10 mmboe gross (0.6 to 2.0 mmboe net to Faroe).

The Skirne East exploration well 25/6-5S spudded on 13 March 2015 and was drilled to a total depth of 2,366 metres below sea level. The Skirne East discovery in Licence PL 627 is located in the Norwegian North Sea on the northern part of the Utsira High approximately 5 kilometres from the Total operated producing Skirne field.

The partners are Total (40%), Centrica Resources Norge AS (20%) and Det norske oljeselskap AS (20%).

The Skirne East exploration well will now be plugged and abandoned as planned.

Graham Stewart, Chief Executive of Faroe Petroleum commented:
“We are pleased to announce the result of the Skirne East well which, although smaller than predicted, is a promising discovery particularly in light of the nearby Atla field which was recently developed with reserves within the resource range of the Skirne East discovery.

“During the coming months we expect to start drilling the first of two follow-up wells at the significant Pil discovery (Faroe 25%) on the Blink and Boomerang prospects and also the Bister prospect to follow up on our recent significant Snilehorn discovery located close to the producing Njord field infrastructure.

“Our Norwegian position is now one of the most significant of any UK independent E&P company and with our robust balance sheet, despite challenging market conditions, the Company is set for another exciting year in 2015.”

faroe

Source: Faroe Petroleum

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