Press

Faroe Petroleum: Significant Gas/Condensate Discoveries in Hades and Iris Prospects, Norway


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 significant discoveries in both the Hades and Iris prospects in licence PL 644 B (Faroe 20%), located in the Norwegian Sea.

The exploration well 6506/11-10 targeted two formations: the Cretaceous Hades prospect and the Jurassic Iris prospect located directly underneath. The well has been drilled to a total depth of 4,536 metres (MD). Preliminary results based on coring, wireline logs, fluid sampling and pressure data show that the well has encountered gas/condensate bearing reservoir within both prospects.

Hades Discovery

In the Hades prospect, at a depth of 3,932 metres (MD), the well encountered a c. 35 metres gross gas/condensate column within the Cretaceous Lange Formation of which 15 metres are net reservoir  sandstones of moderate to good reservoir quality. Preliminary gross volumes of recoverable hydrocarbons for the Hades prospect are estimated to be 19 – 113 mmboe, exceeding pre-drill estimates.

Iris Discovery

In the Iris prospect, at a depth of 4,223 metres (MD), the well encountered a 218 metre, high net-to-gross sandstone interval, within the Jurassic Garn Formation, containing a 93 metre column of gas/condensate. Within the gas/condensate column, net reservoir has been estimated at 85 metres, consisting of sandstones of moderate to excellent reservoir quality. Pressure data indicates that the Hades and Iris prospects are separate hydrocarbon accumulations. Preliminary gross volumes of recoverable hydrocarbons for the Iris prospect are estimated to be 19 – 132 mmboe, exceeding pre-drill estimates.

Location within proximity to production infrastructure

The Iris and Hades discoveries are located approximately 8 kilometres to the north of the producing Morvin Field and 20 kilometres to the northwest of the Åsgard Complex, where large quantities of gas and condensate continue to be produced and transported to several landing points on the European continent.

Appraisal programme to be initiated

All data from the two discoveries are being assimilated and a follow-up appraisal programme is now being considered by the operator and partners.

The well was drilled by the Deepsea Bergen semi-submersible drilling rig. Licences PL 644 and PL 644 B are both operated by OMV (Norge) AS (30%), Faroe Petroleum Norge AS (20%), with partners Statoil Petroleum AS (40%)1 and Spirit Energy Norge AS (10%)1. The well will now be plugged and abandoned as planned.

Graham Stewart, Chief Exectuive of Faroe Petroleum, commented:

“We are very pleased to announce significant discoveries in both the Hades and Iris prospects; both are well in excess of pre-drill estimates.  These discoveries are located in one of our core areas and build on Faroe's already significant position in the Norwegian Sea.

“The Hades and Iris prospects, previously known as Aerosmith and Zappa respectively, have been part of Faroe's portfolio for many years, forming the main part of a successful APA licence application made in 2009. It is extremely gratifying to see both of these prospects delivering significant discoveries, further confirming Faroe's consistent and industry-leading exploration track record, which has directly and indirectly generated approximately 75% of our 2P reserves.

“Aside from the ongoing Fogelberg appraisal well, results from which are expected shortly, the Company's  exploration programme continues over the remainder of the year, with three further committed exploration wells in Norway: the Rungne (Faroe-operated), Cassidy and Pabow wells.”



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

fp.fo/news/significant-gascondensate-discoveries-i...

NorwayOffshoreHadesIrisFaroe PetroleumgascondensateDiscoverywell

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 10 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice