11 July 2016
Brasse side-track well confirms significant oil and gas discovery
Point Resources is pleased to announce the completion of a successful side-track appraisal well on the Brasse discovery in licence PL740 in the Norwegian North Sea, where the Company holds a 50% interest, confirming a significant oil and gas discovery.

The objective of the Brasse side-track well (31/7-1A) was to appraise the south-eastern part of the hydrocarbon bearing structure previously identified by the main discovery well. The Brasse side-track reached a total depth of 2,530 metres (MD) and encountered a 25 metre gross oil column and a 6 metre gross gas column. Results based on extensive coring, wireline logging and sampling show that the well has encountered oil and gas in good quality Jurassic reservoir sandstones, similar to those seen in the main well, and provide important information about the reservoir distribution in Brasse. The hydrocarbon-bearing interval in the side-track well was found to be at a similar pressure level to the hydrocarbon-bearing interval in the initial discovery well. Total gross volumes of recoverable hydrocarbons are estimated to be 28-54 million barrels of oil and 89-158 bcf of gas, or 43-80 million barrels of oil equivalent in aggregate.

The Brasse discovery well (31/7-1), drilled earlier this year, encountered approximately 21 metres of gross oil-bearing and approximately 18 metres of gross gas-bearing Jurassic reservoir. The reservoir is of good quality and believed to be analogous to the effective reservoir at the nearby Brage producing oil field, in which Point Resources holds a 12.26% interest. The Brasse discovery is located within tie-back distance to existing infrastructure: 13 kilometres to the south of the Brage field platform, 13 kilometres to the east of the Oseberg Sør field platform and 13 kilometres to the south east of the Oseberg field platform.

Point Resources and the operator of the discovery, Faroe Petroleum Norge AS, will now begin assessing options for the commercial development of the discovery.