Faroe Petroleum discovers oil in the Snilehorn well

Faroe Petroleum announced an oil discovery in well 6407/8‐6 and sidetrack 6407/8‐6A on the Snilehorn Prospect in the Norwegian Sea (Faroe 7.5%).

The well, which spudded on 18 September, was targeting oil and gas in the Jurassic Ile, Tilje and Åre formations (analogous to the Hyme oil field reservoirs). The main bore (6407/8‐6) encountered oil columns of approximately 40m thickness in the Ile formation, 130m in the Tilje formation and 21m in the Triassic Grey-Beds formation. Oil‐down‐to situations were encountered in all three formations in the main bore.

The sidetrack (6407/8‐6A) encountered oil columns of approximately 6m thickness in the Melke formation, 75m in the Ile formation and 43m in the Tilje formation. In the sidetrack, oil‐down‐to situations were encountered in the Melke and Ile formations. The oil‐bearing Triassic interval found in the main bore was not encountered in the sidetrack. The preliminary volumetric estimates of the size of the discovery as assessed by the operator, Statoil, are between 57M and 101M barrels of recoverable oil equivalent.

The vertical depth of the well was 3,400m below sea level and ended in the upper Triassic formation. The drilling operations have been undertaken by Statoil (35%) utilising the Songa Trym rig and the well will now be plugged and abandoned as planned.