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Faroe Petroleum Finds Oil In Boomerang Exploration Well

Thu, 17th Sep 2015 08:22

LONDON (Alliance News) - Norway and UK-focused oil and gas explorer Faroe Petroleum PLC on Thursday said it has found oil in the main bore of the Boomerang exploration well at the Pil/Bue discovery in the Norwegian Sea.

Faroe said drilling on the well has encountered good reservoir properties and moveable oil, with the preliminary estimate of recoverable volumes at 13-31 million barrels of oil equivalent. Hydrocarbons also were confirmed above the oil-water contact of the wider discovery area.

Faroe has a 25% stake in the exploration well.

"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," said Graham Stewart, Faroe's chief executive.

Shares in Faroe were down 3.5% to 69.00 pence on Thursday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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