Faroe Says Gas Find Uncommercial
AIM-listed independent Faroe Petroleum has announced a gas and condensate discovery from its Rungne exploration well in the Norwegian North Sea but said it is unlikely to be commercial in isolation
It said November 14 that the well, on licence PL825, encountered a 56 metre gross (17 metre net) gas/condensate column in good quality interbedded Middle Jurassic Ness formation sandstones. Its preliminary estimate of recoverable reserves for this discovery is 12bn to 75bn ft3 gas and 0.5mn to 3.9mn bbls condensate (combined 2.7 to 17mn barrels of oil equivalent).
PL825's partners are currently Faroe (40% and operator), with Lundin and Spirit Energy (30% each). Subject to the completion of two recent transactions, PL825 will consist of Faroe still with 40%, but alongside Equinor 30%, Spirit 20% and DNO 10%.
Faroe CEO Graham Stewart said: "In a six well exploration programme some disappointing outcomes are inevitable. Although no hydrocarbons were present in the main Oseberg target we are pleased to have encountered hydrocarbons in the secondary Ness target which provides new data. In addition to the ongoing Agar/Plantain well, from which results are expected shortly, Faroe's exploration programme will continue over the remainder of the year with two further committed exploration wells in Norway: the Brasse East (Faroe-operated) and Cassidy wells."