Faroe Petroleum Plc Share News (FPM)

(ShareCast News) - Faroe Petroleum has confirmed its Brasse oil and gas discovery in the Norwegian North Sea.The discovery was made at licence PL740 in the Norwegian North Sea where the AIM-Listed company is 50% owner and operator.The Brasse side-track reached a total depth of 2,530 metres and encountered a 25 metre gross oil column and a 6 metre gross gas column, the company said."Results based on extensive coring, wireline logging and sampling show that the well has encountered oil and gas in good qualityJurassic reservoir sandstones, similar to those seen in the main well, and provide important information about the reservoir distribution in Brasse," Faroe said."The hydrocarbon-bearing interval in the side-track well was found to be at a similar pressure level to the hydrocarbon-bearing interval in the initial discovery well. Total gross volumes of recoverable hydrocarbons are estimated to be 28-54 mmbbls of oil and 89-158 bcf of gas (43-80 mmboe in aggregate)."