Faroe Petroleum discovers oil and gas at Pil well

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the Atlantic margin and the North Sea, announced an oil and gas discovery on the Pil exploration well in the Norwegian Sea where it has a 25% stake.

A gross hydrocarbon‐bearing reservoir section with approximately 135m of oil and 91m of gas has been penetrated. Extensive coring, wireline logs and pressure data show oil and gas in reservoir sands with a very high net to gross ratio. Drill stem testing will now be undertaken to acquire fluid samples and establish commercial flow rates. The company plans to drill a side-track well to appraise the discovery, subject to positive test results.

The Pil well (6406/12‐3S) encountered a gross hydrocarbon‐bearing reservoir section in the Jurassic reservoir of the Rogn Formation, which has proved to be an effective reservoir at the Shell‐operated Draugen oil field, located 60km to the north-east. Preliminary results based on extensive coring, wireline logs and pressure data show that the well has encountered oil and gas in reservoir sands with a very high net to gross ratio.

The Pil discovery has de‐risked further prospectivity within the licence (Licence PL 586) which is being assessed for possible fast‐track drilling.