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Oil discovery for Point Resources

Point Resources has made an oil and gas discovery in the Brasse exploration well in licence PL740 in the Norwegian North Sea. Point Resources holds a 50% interest in the license.

The Brasse well (31/7-1) has been drilled to a total depth of 2,780 metres. The well encountered approximately 18 metres of gross gas-bearing and approximately 21 metres of gross oil-bearing Jurassic reservoir which is believed to be analogous to the effective reservoir at the Brage producing oil field, in which Point Resources has a 12.26% interest. Brage is located approximately 13 kilometres to the north of Brasse. Preliminary results based on extensive coring, wireline logs and pressure data show that the well has encountered oil and gas in reservoir sandstones of good quality. The presence of oil and gas has been confirmed subsequently by fluid sampling.

The partnership has now decided to drill a sidetrack to help confirm both the reservoir distribution and hydrocarbon contacts. A further announcement will be made at the completion of drilling activities. The operator of the PL740 licence and owner of the remaining 50% is Faroe Petroleum AS.