Stilo Share News (STL)

** Shares in London-listed oil firm Faroe Petroleum rosearound 12 pct on Wednesday to their highest since July 2014after the company said it had made significant discoveries inits Hades and Iris prospects in the Norwegian NorthSea

** Preliminary gross volumes of recoverable hydrocarbons forthe Hades prospect are estimated to be 19 - 113 mmboe and 19 -132 mmboe for the Iris prospect, exceeding pre-drill estimates,according to Faroe

** Norwegian oil firm DNO said shortly afterwardsit had decided to build a long-term strategic shareholding inFaroe Petroleum and support its strategy to grow in the NorthSea

** Oil and gas sector down -0.2 pct

** OMV holds a 30 pct stake in the license wherethe discoveries were made, Statoil 30 pct, FaroePetroleum 20 Pct, Spirit Energy Norge 20 pct

** Stifel, Canaccord Genuity raise price targets for FaroePetroleum after announcment(Reporting by Shadia Nasralla, editing by Ron Bousso)