Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has made oil discovery in the main bore of the Boomerang exploration well (Faroe 25%).

The 6406/12-4 wells were drilled on the Halten Terrace, about 33 kilometres south west of the Njord field and 1.7 kilometres south east of the Pil discovery well 6406/12-3 S.

The objective of the main well bore 6406/12-4S was to test the hydrocarbon potential in the south west segment of the Upper Jurassic Boomerang prospect close to the Pil discovery. The primary reservoir targets were Upper Jurassic reservoirs analogous to the Pil, Bue and Draugen field reservoirs.

The main well bore encountered a 26 metre gross Upper Jurassic intra-Spekk/Rogn sandstone. Preliminary analysis from wireline logs, pressure and fluid sampling shows that the well encountered sandstones with good reservoir properties and moveable oil. Preliminary estimates of recoverable volumes in the discovery range between 13 and 31 million barrels of oil equivalent.

The secondary objective of the main well bore was to investigate the extent, thickness and properties of Upper Jurassic Melke reservoir rocks, as well as the extent and level of the Pil oil-water contact. Hydrocarbons were confirmed above the Pil oil-water contact in an 80 metre gross interval of Melke age sandstone of varying reservoir quality, and the main Pil reservoir sandstone was encountered within the water leg, as planned, giving important appraisal information for the Pil development.

The exploration side-track 6406/12-4A was drilled into the southern segment of the Boomerang prospect with the main objective testing the hydrocarbon potential in the Upper Jurassic sandstone of the Spekk and Melke formations. The well encountered approximately 530 metres gross thickness of Jurassic sandstones with poor reservoir quality and reached a total vertical depth of 3,800 metres below sea level. The well had indications of hydrocarbons but the presence of moveable hydrocarbons was not proven.

The Boomerang well will now be plugged and abandoned and the rig will be moved approximately six kilometres to the north east to drill the Blink prospect (6406/12-5S). Blink is an independent structural and stratigraphic prospect. The well will target analogous Upper Jurassic reservoirs to Pil, Bue and Draugen.

This drilling campaign is being operated by VNG Norge AS (30%) using the Transocean Arctic semi-submersible drilling rig with partners Spike Exploration AS (30%) and Pure E&P Norway AS (15%).

Graham Stewart, Chief Executive of Faroe Petroleum commented:

"We are pleased to announce the results from the Boomerang well, which adds further resources to the Pil area from a new reservoir. This appraisal and exploration well has provided a significant amount of important data and again proven how prospective the Pil area is.

"While we carry out further evaluation, the exploration campaign continues with drilling of the Blink prospect, due to spud shortly. Blink is an exciting independent prospect targeted as a potentially large addition to the already significant Pil and Bue discoveries announced in 2014, all of which are located in the same licence."