10th Apr 2015 06:59
LONDON (Alliance News) - Faroe Petroleum PLC on Friday said the results from the Skirne East exploration well in Norway were lower than expected and said the well has now been plugged and abandoned as planned.
Faroe said the results from the well showed a preliminary resource estimate for the gas discovery of 3 million to 10 million barrels of oil equivalent.
Faroe has a 20% interest in the well, meaning the net resource estimate attributable to the company is 0.6 million to 2.0 million barrels. Total SA holds a 40% interest in the well and is the operator, with the other 40% held by Centrica PLC's Centrica Resources Norge AS.
"We are pleased to announce the result of the Skirne East well which, although smaller than predicted, is a promising discovery particularly in light of the nearby Atla field which was recently developed with reserves within the resource range of the Skirne East discovery," said Faroe Chief Executive Graham Stewart.
By Sam Unsted; [email protected]; @SamUAtAlliance
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