Production Increase at Tambar and Fogelberg Update

Source Press Release
Company Faroe Petroleum plc 
Tags Production/Development, Exploration, Strategy - Upstream, Upstream Activities
Date April 27, 2018

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 that both new infill wells drilled this year on the Tambar fieldin Norway, (Faroe 45%) have now been brought successfully on production.  We also provide an update on the Fogelberg well operation, in which a technical sidetrack will now be drilled ahead of the potential Drill Stem Test (DST) to test reservoir productivity.

Highlights:

  • The two new Tambar development wells have been completed and put on stream, with initial performance exceeding pre-drill expectations1. During the fourteen days since both new wells have been on stable production, the Tambar field has produced at an average flow rate of c. 18,507 boepd (Faroe 8,328 boepd)
  • On 20 April 2018, Faroe reached a record net production level of 19,275 boepd
  • 2018 production guidance currently remains unchanged at 12-15,000 boepd

The Tambar development project consists of two new infill wells, both of which have now been completed and put on stream, and the installation of gas lift in three existing wells, which is expected to complete in Q3 2018, to increase overall field life, production and reserves. The two infill wells successfully targeted undrained areas in the north and south of Tambar, which had been identified through application of a number of different modelling techniques, including 4D seismic technology. The initial flow rates from the two infill wells have exceeded pre-drill expectations. During the fourteen days since 12 April 2018when both new wells achieved stable production, the Tambar field produced at  an average flow rate of c. 18,507 boepd (8,328 boepd net to Faroe).

On 20 April 2018, Faroe reached a record net production level of c 19,275 boepd. The 2018 overall production guidance currently remains unchanged at 12-15,000 boepd average for the year.  The higher rate of production resulting from the new Tambar wells counters the lower than expected overall production in Q1, notably in relation to the previously announced temporary loss of production from the Trym field, caused by a downstream export fault which has now been rectified, and the scheduled cessation of production from Oselvar, for which the Company is being compensated.

Fogelberg DST

On 10 April 2018 the Company provided an update on the preliminary results of the Fogelberg appraisal well in the Norwegian Sea (Faroe 15%), confirming a deeper gas-water contact and better than expected reservoir. For operational reasons, the joint venture has reverted to the original plan to drill a sidetrack well with a potential DST to test reservoir productivity. A further update on the well results will be provided upon the completion of drilling operations.

Graham Stewart, CEO of Faroe Petroleum, said:

“I am pleased to announce the successful commencement of production from two new infill wells on the Tambar field. The new production wells have increased Tambar production markedly and, combined with the ongoing installation of gas lift, this will potentially lead to the extension of Tambar field life by up to ten years, while also lowering unit operating costs across the Ula hub area, in which Faroe has significant equity positions. I am also pleased to announce that in recent days Faroe has reached a record production level of 19,275 boepd, a testament to our high quality asset base.

“Faroe also continues its busy 2018 drilling programme with the ongoing Fogelberg well, before we move to spud our second exploration well of the year in summer at the high impact Rungne prospect, close to the Brasse field. This will be followed by the Cassidy and Pabow exploration wells later in the year”.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd