Preliminary estimates put discovery at between 19 and 126 million barrels of recoverable oil equivalent
Faroe Petroleum has struck oil at its Rodriguez exploration well in the Norwegian North Sea.
The discovery of “significant gas condensate” was made at the secondary target from the Rodriguez exploration well, in which Aberdeen-based Faroe has a 30 per cent stake.
Preliminary estimates put the size of the discovery at between 19 and 126 million barrels of recoverable oil equivalent, with Faroe's stake from those estimates being between six and 38 million barrels net.
However Faroe said further tests are required to establish the size of the discovery.
Faroe chief executive, Graham Stewart, said: “We are very pleased to announce this gas condensate discovery on the secondary target of this Norwegian Sea exploration well.
“This significant discovery gives the partnership a good indication of further upside potential on the rest of the licence block with at least two further matured and partially de-risked prospects and we look forward to its further appraisal.
“We have an active 2013 exploration drilling programme which includes several high impact exploration wells including Darwin (Barents Sea), Novus (Norwegian Sea) and two Butch wells (Norwegian North Sea).”