Faroe Petroleum makes double discovery in Norway

Faroe Petroleum announces significant gas/condensate discoveries in both the Hades and Iris prospects in blocks located in the Norwegian Sea.

The Iris and Hades discoveries are located approximately 8 kilometres to the north of the producing Morvin Field and 20 kilometres to the northwest of the Åsgard Complex, where large quantities of gas and condensate continue to be produced and transported to several landing points on the European continent.

The exploration well 6506/11-10 targeted two formations in licence PL 644 B. The Cretaceous Hades prospect and the Jurassic Iris prospect located directly underneath. The well has been drilled to a total depth of 4,536 metres (MD). Preliminary results show that the well has encountered gas/condensate bearing reservoir within both prospects.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:“We are very pleased to announce significant discoveries in both the Hades and Iris prospects; both are well in excess of pre-drill estimates. These discoveries are located in one of our core areas and build on Faroe’s already significant position in the Norwegian Sea.

“The Hades and Iris prospects, previously known as Aerosmith and Zappa respectively, have been part of Faroe’s portfolio for many years, forming the main part of a successful APA licence application made in 2009. It is extremely gratifying to see both of these prospects delivering significant discoveries."

All data from the two discoveries are being assimilated and a follow-up appraisal programme is now being considered by the operator and partners.

Licences PL 644 and PL 644 B are both operated by OMV (Norge) AS (30 per cent), Faroe Petroleum Norge AS (20 per cent), with partners Statoil Petroleum AS (40 per cent)1 and Spirit Energy Norge AS (10 per cent).