Faroe Petroleum Finds Oil and Gas in Norwegian Sea

Faroe Petroleum made an oil and gas discovery on the Pil exploration well in the Norwegian Sea (Faroe 25%), with preliminary results suggesting oil and gas in reservoir sands 'with a very high net to gross ratio'. 

“Pil is one of three exploration and appraisal wells we are drilling concurrently in our continuing high impact exploration and appraisal programme. The two other wells currently drilling are the Solberg well (Faroe 20%), on the Halten Terrace, and the Butch East well (Faroe 15%), adjacent to the Butch Main discovery (Faroe 15%) in the Norwegian North Sea. Results are expected on Solberg and Butch East in the coming weeks,” Graham Stewart, Chief Executive of Faroe Petroleum, commented in a note released on Thursday.

The company said it penetrated a gross hydrocarbon-bearing reservoir section with approximately 135 metres of oil and 91 metres of gas.

‘Subject to positive test results, an immediate side track well is expected to be drilled to appraise the discovery,’ explains the communiqué. 

The Pil licence drilling operations are operated by VNG Norge (30%) using the Transocean Arctic drilling rig with partners Spike Exploration Holdings  (30%) and Rocksource Exploration Norway  (15%).