Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic Margin, the North Sea and Norway, announces the preliminary results of the 6506/11‐9 S Cooper well in the Norwegian Sea (Faroe Petroleum 30%).
The well has been drilled to a total depth of 5,330m below sea level and encountered hydrocarbons in Middle Jurassic Garn formation. Based on preliminary results, from an extensive suite of coring, wire line logs, sampling and pressure data; the joint venture has decided to perform a drill stem test (DST) of the Garn formation to evaluate the likely productivity of the reservoir. The Company expects to be able to provide further information from the DST in the coming weeks.
The Cooper well has been drilled using the West Alpha drilling rig. The well is located in licence PL477 in block 6506/11 on the Halten Terrace of the Norwegian Sea. The nearest producing fields are the Morvin Field (approx. 5 km towards the west) and the Smørbukk Field (approx. 5 km towards the east). The partnership consists of Centrica (40% and operator) and Suncor (30%).
Graham Stewart, Chief Executive of Faroe Petroleum , commented:
“We are encouraged by the preliminary results for the Cooper well. However, we need to await the results of the flow testing programme to establish likely productivity of the hydrocarbons and the commercial potential and size of the discovered resource.”
“This continues to be an exciting period for Faroe Petroleum, with operations ongoing on the BP operated North Uist exploration well west of Shetland (Faroe 6.3%), where a number of technical issues have delayed the drilling operations. Results are expected in the coming weeks together with the test results for the Cooper well.”
[mappress] Press Release, July 26, 2012; Image: Seadrill