27th Jan 2014 11:52
LONDON (Alliance News) - Faroe Petroleum PLC Monday announced the results of its 30% owned and operated Novus Exploration well, saying it has discovered oil and gas at the 6507/10-2S site in the Norwegian Sea but that due to a large gas cap in the reservoir, Novus is unlikely to be of commercial size on its own.
The oil and gas company, which focuses on exploration in the Atlantic Margin, the North Sea and Norway, said that nearby de-risked prospects and leads offer the potential for a future commercial combination at the Novus site.
Faroe said that the preliminary volumetric gross estimate of the size of the discovery is 6 to 15 million barrels of oil equivalent recoverable with a net to Faroe of 1.8 to 4.5 million barrels.
The company said it encountered a 12 metre net gas column and a 12.5 metre net oil column in a high quality formation and the well result will be used to refine the geological model and de-risk additional prospects on the licence for potential future drilling.
Faroe Petroleum shares were down 5.2% to 117.50 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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