Aberdeen firm Faroe Petroleum has upgraded reserve estimates for the Brasse field following the drilling of a sidetrack well.
Faroe said recoverable resource volumes now stand somewhere between 56million and 92million barrels of oil equivalent, up from previous estimates of 43-80million.
The appraisal well will now be plugged and abandoned.
London-listed Faroe has a 50% interest in the Norwegian North Sea field, while Point Resources holds the remaining 50%.
Work is on-going to determine the best method of developing Brasse.
The company discovered Brasse last year. The field is within tie-back range of the Wintershall-operated Brage platform and the Statoil-operated Oseberg field centre.
The initial development plan includes three to six production wells and an optional water injection well.
Faroe intends to submit a field development plan to Norwegian authorities next year.
Faroe said the economics were robust for Brasse with preliminary total development capex estimated at $550million.
First oil is slated for 2020-21.
Faroe chief executive Graham Stewart said: “We are very pleased to announce the completion of this successful, Faroe-operated, appraisal programme of the Brasse field, which considerably exceeded expectations and further confirms the commerciality of this discovery.
“The programme has established excellent reservoir quality and reservoir communication, together with excellent flow rates, even at the periphery of the field.
“This new data has resulted in an increased resource range to 56-92 mmboe and a substantial increase to flow rate expectations.
“The Brasse field is clearly a very significant and valuable asset, with very attractive economics even at long term low commodity prices.
“The close proximity of the field to existing competing infrastructure combined with its prolific reservoir qualities and shallow water depth ensure this field can be developed expediently, taking full advantage of the current low cost environment.
“As an established E&P operator, Faroe is well equipped to progress this important project and we look forward to providing further progress updates in the coming months.”
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