Faroe Petroleum

Faroe Petroleum has made discoveries at the Njord North Flank in the Norwegian Sea at water depths of approximately 1,060 ft. The exploration well NF-2 6407/7‑9S encountered a gross oil-bearing reservoir of 334 ft and a gross gas condensate-bearing column of 515 ft. The sidetrack well NF-3 6407/7-9A encountered separate gas-bearing columns of 639 ft and 459 ft. Preliminary estimates indicate a collective discovery of 1.9 million BOE to 28.3 million BOE. The company has a 7.5% interest in the wells, which are operated by Statoil (20%). Engie (40%), DEA (30%), and VNG (2.5%) hold the other interests.