Independent explorer Faroe Petroleum has found oil in the Bue prospect in the Norwegian Sea.
The Bue side-track well (6406/12-3 A), drilled to a depth of 3,656 metres, found an 18 metre hydrocarbon column of variable quality in target Middle and Upper Jurassic reservoirs.
Pressure data indicated Bue was a separate reserve from the Pil discovery, 2.1 kilometres north east off the new drill, and holds between six and 25 million barrels of recoverable oil equivalent (boe).
Separately, the resources range estimate for Pil was increased from 50 to 17 0million boe to 72 to 172 million boe following a successful sidetrack from the discovery well.
The Pil and Bue discoveries are located approximately 33 kilometres to the south east of the Njord platform, in which Faroe holds a 7.5% equity interest and are therefore expected to be within tie-back distance of the platform.
Faroe holds a 25% interest in the Bue prospect. VNG Norge is the operator with a 30% interest with Spike Exploration Holdings (30%) and Rocksource Exploration Norway (15%) holding the remaining shares.
“We are very pleased to announce the results of this successful exploration side-track well on the Bue prospect, which proves further resource potential to add to the already significant Pil oil and gas discovery,” said Graham Stewart, chief executive of Faroe Petroleum.
“The current resource range for the Pil and Bue discoveries together is now estimated to be between approximately 80 and 200million barrels of oil equivalent (20 to 50million boe net to Faroe), of which around 80% is estimated to be oil and condensate.
“The partners are now preparing next year’s exciting exploration and appraisal programme to assess the further upside potential in the licence and evaluating different development alternatives.”
