On Oct. 17, Reuters reported that Faroe Petroleum Plc made an oil and gas discovery at the Njord North Flank in the Norwegian Sea. Faroe has an interest of 7.5% in the area.
A well encountered 102 m of gross oil-bearing reservoir in Middle and Lower Jurassic sandstones of Ile. The well also encountered 157 m of a gross gas condensate-bearing column in Lower Jurassic sandstones in the Tilje Formation.
The preliminary size estimate of the discovery is between 1.3 million barrels of oil equivalent (MMboe) and 18.9 MMboe for NF-2 and between 0.6 MMboe and 9.4 MMboe for sidetrack NF-3. Collectively, these discoveries are equivalent to a range of 1.9 MMboe to 28.3 MMboe, with 0.14 MMboe to 2.1 MMboe net to Faroe. The results are in line with predrill estimates.
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