Faroe buoyed by drilling success in Norwegian Sea

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Oil and gas explorer Faroe Petroleum today said that an appraisal well at its Pil discovery in the Norwegian Sea has struck more oil.

The Aberdeen-based firm said a second side-track well is now planned to test the separate Bue prospect, which has the potential to add further volumes to the Pil discovery.

Chief executive Graham Stewart said: “The successful well result on this Pil appraisal side-track adds further value to Faroe’s already substantial position in this prolific part of the Norwegian Sea, and we aim to unlock further potential in this exciting core area.”

Faroe owns 25 per cent of Pil, with Spike Exploration and operator VNG Norge holding 30 per cent each. Rocksource Exploration Norway owns the remaining 15 per cent.