Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, announced the commencement of the Njord North Flank-2 (NF-2) exploration well 6407/7-9 S (Faroe 7.5%).

The NF-2 prospect is located in Licence PL107C immediately north of the Njord field (Faroe 7.5%).  The well will target Middle and Lower Jurassic sandstone reservoirs of the Ile and Tilje formations in a fault-bounded structural closure, with a TD in the Lower Jurassic Are Formation.  If successful, NF-2 could add further reserves and value to the Njord Future Project.  

The NF-2 exploration well, located in approximately 323 metres of water, is operated by Statoil Petroleum AS (20%) using the Songa Delta drilling rig, with co-venturers ENGIE E&P Norge AS (40%), DEA E&P Norge AS (30%) and VNG Norge AS (2.5%).  Results from the well will be announced when drilling operations have been completed.

Graham Stewart, Chief Executive of Faroe Petroleum commented:

"I am pleased to announce the spudding of the Njord North Flank-2 exploration well located in the Greater Njord Area, and in close proximity to the Njord field. NF-2 is a near-field exploration target, which provides further upside potential to Faroe in one of our core areas.  If successful this will add another tie-in opportunity to the Greater Njord Area and the Njord Future Project, which also includes the high quality Snilehorn discovery.

"The NF-2 exploration well follows on from the significant Faroe operated Brasse oil and gas discovery well and side-track announced last month."