Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and undeveloped field opportunities in the Atlantic Margin, the North Sea and Norway, announces that drilling has commenced on the significant gas prospect, East Breagh in the Southern North Sea.
The joint venture partners are Faroe (10%), Sterling Resources (45% and operator), Stratic (10%), Regernesys (15%), Encore (15%) and Petroventures (5%). The Ensco 70 jack-up drilling rig has been secured under a turnkey agreement with specialist well construction firm Advanced Drilling Technology International (ADTI), to drill a vertical well (42/13-4) on the East Breagh prospect. The well is designed to confirm reservoir extent and potentially significant upside to gas already discovered and appraised on the West Breagh area with the 42/13-3 well, drilled by the partnership in late 2007.
Following the East Breagh well, a high angle / horizontal appraisal well is planned for West Breagh (42/13-5) to further evaluate this part of the field. These wells will provide key data towards assessing the economic viability of developing the Breagh gas field in terms of hydrocarbon resource base and well performance and will also provide better understanding of further hydrocarbon potential in the greater Breagh area.
Graham Stewart, Chief Executive of Faroe Petroleum, commented:
“We are very pleased to be able to announce the commencement of this exciting well; the Breagh area is showing great promise following the successful appraisal well drilled on West Breagh last year. If the East Breagh well proves up further reserves there is good scope for a significant gas field development, and potential for considerable value creation for our shareholders”.
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