Brasse continues to grow

Faroe has successfully completed the Brasse sidetrack appraisal well 31/7-2A. Very high quality reservoir sands were encountered and the well penetrated an 18m oil and a 4m gas column. Recoverable resource estimates have been increased to 56-92 mmboe (from 43-80 mmboe). The sidetrack was drilled to a total depth of 2,275m. It is located 1km to the west of the appraisal well (31/7-2) and 2.4km to the south of the main discovery well (31/7-1)....

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Brasse flow test shows promising results

Brasse was discovered in June 2016 and following a side-track, recoverable resources were estimated at 43 – 80mmboe. On 3rd July, a little after a year the original discovery was made, Faroe has reported successful flow testing achieving a maximum rate of 6,187mboepd. An upcoming side-track is planned, following which the resource estimates may be updated. An extensive data acquisition programme was undertaken including a Drill Stem Test, logging,...

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Point Resources acquires ExxonMobil's Norwegian operated assets

On 29th March 2017, Point Resources announced its acquisition of ExxonMobil's operated upstream business in Norway for an undisclosed amount (estimated valuation of c.USD1bn). The deal transforms Point Resources into a top 10 producer on the Norwegian Continental shelf and increases production c.10-fold to 48mboepd while adding 128mmboe of oil-weighted reserves. The transaction adds significant technical capability with the transfer of 300...

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