BRASSE SIDETRACK SUCCESSFULLY COMPLETED

July 27, 2017

Faroe Petroleum informed that the Brasse sidetrack (appraisal well) 31/7-2A has been drilled to a total depth of 2,275 metres TVDSS, targeting the reservoir 1.0 kilometre to the west of the appraisal well (31/7-2 announced on 13 June 2017) and 2.4 kilometres to the south of the main discovery well (31/7-1 announced on 16 June 2016). An extensive data acquisition programme was carried out in the 31/7-2A sidetrack, including the cutting of cores together with a full suite of wireline logs and fluid samples. The sidetrack well successfully penetrated the gas-oil contact and the oil-water contact in the southern part of the Brasse field and encountered approximately 18 metres of gross oil-bearing and 4 metres of gross gas bearing Jurassic reservoir above the oil water contact. Preliminary results show that the well has encountered oil in a sand-rich reservoir of very good quality with the same oil-water contact as in the discovery well (31/7-1) and in the main bore of the appraisal well (31/7-2). The pressure data indicates good pressure communication within the reservoir.
Based on extensive data collected from the initial discovery well, initial sidetrack, appraisal well (with drill stem test) and the appraisal well sidetrack, the total gross volumes of recoverable hydrocarbons for the Brasse field have been revised up to 46-76 mmbbls of oil and 59-97 bcf of dry gas (56-92 mmboe in aggregate).
The Brasse field discovery was made by Faroe in 2016 and is located within tie-back distance to existing infrastructure: 13 kilometres to the south of the Wintershall-operated Brage field platform, in which the Company holds a 14.3% working interest and 13 kilometres to the south east of the Statoil-operated Oseberg Field Centre. The preliminary reservoir development plan includes three to six production wells and an optional water injection well for pressure support. The appraisal well will now be plugged and abandoned as planned. (Source: Faroe Petroleum)