Discovery for explorer
Faroe Petroleum finds oil in Norwegian field
The well has been drilled to a depth of 2,780 metres and has found oil and gas equal to the reservoir at the Brage producing oil field in which Faroe has a 14.3% stake.
The partnership has now decided to drill a sidetrack to help confirm both the reservoir distribution and hydrocarbon contacts. A further announcement will be made at the completion of drilling activities.
Graham Stewart, chief executive (pictured), said: “We are very pleased to announce the oil and gas discovery at the Brasse prospect and await the results of the sidetrack.
“This discovery in one of our core areas, builds on Faroe’s already significant position in the Norwegian North Sea via a low cost exploration well.
“If the Brasse drilling results prove a commercial discovery, it could be tied-back to the Brage production facilities or alternatively to other nearby installations. Once there is further information in relation to results from the sidetrack well we will update the market.”