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Successful Brasse sidetrack well results – field moving towards development

Faroe Petroleum, the operator of the Brasse discovery where Point Resources hold a 50% interest, has today announced successful results of the latest sidetrack appraisal well.

Highlights:

• Volume increase: official estimates of recoverable resource volumes are now between 56 and 92 million barrels of oil eqivalent (mmboe), up from previous estimates of 43 to 80 mmboe

• High net to gross: very high quality reservoir sands with a very high net to gross ratio

• High quality light crude: similar quality crude to the nearby producing Brage field (Point Resources 12.3%)

• Reservoir encountered close to prognosis: penetrated gross hydrocarbon-bearing reservoir section with approximately 18 metres of oil and 4 metres of gas in the sidetrack well

• Attractive field development economics: field economics robust at low commodity prices and with fast track potential

• Field development plans: work underway to take field to development with first oil in 2020/21

The Brasse discovery was made in 2016. Point Resources holds a 50% share of the discovery, with the remaining 50% and operatorship held by Faroe Petroleum.

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). Initial flow rates from the prolific Brasse reservoir are expected to be higher than previously thought, with predicted delivery rates above 30,000 boe/d and first oil in 2020/21.

The Brasse discovery is located within tie-back distance to existing infrastructure: 13 kilometres to the south of the Wintershall-operated Brage field platform, in which Point Resources holds a 12.3% working interest, and 13 kilometres to the south east of the Statoil-operated Oseberg Field Centre. Extensive feasibility studies of the Brasse field development have been carried out focusing on a sub-sea development solution tied-back to either one of the hosts in the nearby area. The preliminary reservoir development plan includes three to six production wells and an optional water injection well for pressure support. Key project milestones going forward include the Final Concept Selection and the submission of a Plan for Development and Operations (PDO), both of which are planned for 2018.  

The appraisal well sidetrack 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.