Faroe Petroleum has made an oil discovery in its Brasse licence in the Norwegian North Sea.
The company said the well encountered 18 metres of gross gas-bearing and approximately 21 metres of gross oil-bearing Jurassic reservoir.
The partnership, between Faroe and Point Resources, have now decided to drill a sidetrack to help confirm both the reservoir distribution and hydrocarbon contacts.
Meanwhile, Faroe said its production from the Njord and Hyme fields has been suspended, and the Njord A platform will be towed to shore for refurbishment and modification.
Graham Stewart, chief executive of Faroe Petroleum, said:”We are very pleased to announce the oil and gas discovery at the Brasse prospect and await the results of the sidetrack.
“This discovery in one of our core areas, builds on Faroe’s already significant position in the Norwegian North Sea via a low cost exploration well. If the Brasse drilling results prove a commercial discovery, it could be tied-back to the Brage production facilities or alternatively to other nearby installations.
“Once there is further information in relation to results from the sidetrack well we will update the market.”