Scottish independent Faroe Petroleum has discovered oil in its North Sea Boomerang exploration well and estimates it could yield as much as 31 million barrels of oil.
In a statement to investors Faroe said the 6406/12-4S well had been bored close to the Pil discovery in the Norwegian Continental Shelf.
Preliminary estimates of recoverable volumes range between 13 and 31 million barrels of oil equivalent.
The independent oil and gas company, which is focused mainly on opportunities in Norway and the UK, has a 20% stake in the field.
Faroe chief executive Graham Stewart, said: “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.
“While we carry out further evaluation, the exploration campaign continues with drilling of the Blink prospect, due to spud shortly.
“Blink is an exciting independent prospect targeted as a potentially large addition to the already significant Pil and Bue discoveries announced in 2014, all of which are located in the same licence.”
Faroe Petroleum recently acquired interests in North Sea assets from Roc Oil in a deal worth up to $20million.
It snapped up a 12.5% interest in the Blane field and a 12% interest in the Enoch field for $17million, plus a deferred payment of up to $3m depending on certain performance targets being met.
The Boomerang well will now be plugged and abandoned and the rig will be moved approximately 6km to the north east to drill the Blink prospect.
This drilling campaign is being operated by VNG Norge (30%) using the Transocean Arctic semi-submersible drilling rig with partners Spike Exploration AS (30%) and Pure E&P Norway AS (15%).
Recommended for you
