Wednesday 14 November 2018

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, announced the results of the Faroe-operated Rungne exploration well 30/6-30 in the Norwegian North Sea (Faroe 40% working interest).

The well encountered a 56 metre gross (17 metre net) gas/condensate column in good quality interbedded Middle Jurassic Ness formation sandstones and 86 metres of gross water bearing reservoir in the primary Oseberg formation target. No hydrocarbon contact was encountered within the Ness formation. Data acquisition has been undertaken including coring, logging and fluid sampling.

The preliminary gas and condensate recoverable volume range for the discovery in the Ness formation is likely to be in the range of 12-75 bscf and 0.5-3.9 mmbbls respectively (combined 2.7-17.0 mmboe) and therefore unlikely to be commercial in isolation.

The Rungne exploration well 30/6-30 spudded on 19 October 2018 and was drilled to a total depth of 3,469 metres below sea level. Drilling operations were undertaken using the semi-submersible Transocean Arctic rig.

The current joint venture partners in the PL 825 licence are Faroe Petroleum (40% and operator), Lundin Norway AS (30%*) and Spirit Energy Norge AS (30%*). Subject to completion of two recent transactions, the PL 825 partnership will consist of Faroe (40% and operator), Equinor Energy AS (30%*), Spirit Energy Norge AS (20%*) and DNO Norge AS (10%*).