Faroe announces North Sea oil discovery in Boomerang exploration well

Sep 17, 2015 12:00 AM

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce an oil discovery in the main bore of the Boomerang exploration well (Faroe 25%).

The company said that drilling on the well has encountered good reservoir properties and moveable oil, with preliminary estimates of recoverable volumes ranging between 13 and 31 million barrels of oil equivalent.

Hydrocarbons were also confirmed above the oil-water contact of the discovery area.

“We are pleased to announce the results from the Boomerang well, which adds further resources to the Pil area from a new reservoir. This appraisal and exploration well has provided a significant amount of important data and again proven how prospective the Pil area is," commented Graham Steward, Chief Executive of Faroe Petroleum.

“While we carry out further evaluation, the exploration campaign continues with drilling of the Blink prospect, due to spud shortly.  Blink is an exciting independent prospect targeted as a potentially large addition to the already significant Pil and Bue discoveries announced in 2014, all of which are located in the same licence,” Stewart continued.

The Boomerang well will now be plugged and abandoned and the rig will be moved approximately 6 kilometres to the north east to drill the Blink prospect (6406/12-5 S).  Blink is an independent structural and stratigraphic prospect.  The well will target analogous Upper Jurassic reservoirs to Pil, Bue and Draugen.

This drilling campaign is being operated by VNG Norge AS (30%) using the Transocean Arctic semi submersible drilling rig with partners Spike Exploration Holdings AS (30%) and Pure E&P Norway AS (15%)

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