The operator has also entered into a contract for the use of the Transocean Arctic semi-submersible drilling unit for drilling of the exploration well.

Seismic processing and reinterpretation has identified significant hydrocarbon potential in the vicinity of the eastern flank of the Brasse field, which was discovered in 2016. The commitment to drill the new exploration well demonstrates the progressive approach adopted by the PL 740 licensees.

Point Resources is partner in PL 740, PL 740 B and PL 740 C, holding 50 percent ownership interests, while Faroe Petroleum is operator, holding the remaining 50 percent ownership interests.

Brasse is located south of the Brage field, southeast of the Oseberg field. A feasibility study phase was completed in 2017. The study confirms attractive development solutions and export routes. Concept studies are currently progressing according to plan.