11th Nov 2013 10:56
LONDON (Alliance News) - Faroe Petroleum PLC Monday said it has made a significant oil discovery at the Snilehorn Prospect in the Norwegian Sea and has begun test production at a second exploration programme well.
The exploration and development oil and gas company, with operations in the North Sea, the Atlantic Margin and Norway, said well 6407/8-6 and sidetrack 6407/8-6A encountered columns totalling roughly 191 metres and 124 metres.
The company said its initial volumetric estimates of the size of the discovery are between 57 and 101 million barrels of recoverable oil equivalent.
Faroe also announced that it has begun test production at the Faroe-operated Novus PL645 well number 6507/10-2S in Norway.
The company said it plans to drill to a total depth of approximately 3,200 metres at the 30%-owned Novus site, the second well in the company's six-well exploration programme.
Faroe Petroleum shares were up 4.4% to 137.25 pence Monday morning.
By Tom McIvor; [email protected]; @TomMcIvor1
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