Faroe Petroleum said May 23 plans to drill the Brasse East exploration well and award the associated rig contract, with commencement of drilling operations expected in fourth-quarter 2018.

Recent seismic reprocessing and reinterpretation work has identified significant hydrocarbon potential in the vicinity of the eastern flank of the Brasse field, which was discovered in 2016. Success could add further incremental volumes to the existing 2P reserves of 30.7 million barrels of oil equivalent (net to Faroe) for the Brasse field development.

Faroe, as license operator, has entered into a contract for the use of the Transocean Arctic semisubmersible rig for drilling of the Brasse East well, back-to-back and immediately following drilling of the Rungne exploration well in PL 825 (Faroe 40% and operator), for which the Transocean Arctic is already on contract. Both wells are expected to be drilled in H2 2018.

The Brasse discovery is located immediately to the south of the Brage field and to the south east of the Oseberg field. At the end of 2017, the Brasse field development feasibility study phase was completed, confirming several economically attractive development solutions and export routes. Concept studies are currently progressing according to plan. The co-venturer in the Brasse PL 740/PL 740 B/PL 740 C licenses is Point Resources AS (50%).