Faroe Petroleum said it has made an oil and gas discovery in the North Sea.
The company said it was made at the Njord North Flank in the Norwegian Sea.
The well and side-track are located six kilometres to the north of the Njord production facility.
Faroe said the well has now been plugged and abandoned as partners will start work on assessing the commercial potential of the discovery.
The NF-2 exploration well 6407/7-9 S was drilled to a total depth of 4,105 metres below sea level. The well encountered 102 metres of gross oil-bearing reservoir in Middle and Lower Jurassic sandstones of the Ile and 157 metres of a gross gas condensate-bearing column in Lower Jurassic sandstones in the Tilje formation.
Based on the results the partnership decided to drill a side-track well 6407/7-9A to test a fault-block lying to the east which was drilled to a total depth of 4,127 metres below sea level.
The well encountered 195 metres of gross gas-bearing column in the Tilje Formation. In addition 140 metres of gross gas-bearing column were encountered in Lower Jurassic sandstones in the Åre Formation.
Graham Stewart, chief executive of Faroe Petroleum,said:“We are pleased to announce this oil and gas discovery on the Njord North Flank, Faroe’s second discovery of the year, following our significant Brasse oil and gas find announced in summer, which is also located very close to infrastructure. This new Greater Njord Area discovery builds on Faroe’s already significant position in this core area of the Norwegian Sea and has the potential to add further value and reserves to the Njord Future Project, which is scheduled to commence in early 2017.
“The North Flank discovery has also benefited from low rig rates and hence drilling costs, which, coupled with the Norwegian exploration tax rebate, has ensured Faroe’s cost exposure was very low and maintains our low finding costs.
“We look forward to Faroe’s continuing exploration programme; next up is the high impact exploration well on the Dazzler prospect (Faroe 20%) located in the Barents Sea. Dazzler will be operated by Eni and is scheduled to spud around year end.”
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