17th Sep 2015 08:22
LONDON (Alliance News) - Norway and UK-focused oil and gas explorer Faroe Petroleum PLC on Thursday said it has found oil in the main bore of the Boomerang exploration well at the Pil/Bue discovery in the Norwegian Sea.
Faroe said drilling on the well has encountered good reservoir properties and moveable oil, with the preliminary estimate of recoverable volumes at 13-31 million barrels of oil equivalent. Hydrocarbons also were confirmed above the oil-water contact of the wider discovery area.
Faroe has a 25% stake in the exploration well.
"We are pleased to announce the results from the Boomerang well, which adds further resources to the Pil area from a new reservoir. This appraisal and exploration well has provided a significant amount of important data and again proven how prospective the Pil area is," said Graham Stewart, Faroe's chief executive.
Shares in Faroe were down 3.5% to 69.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Faroe Petroleum Plc