Faroe Petroleum has discovered oil at the Bue prospect in the Norwegian Sea and increased its resource estimates for the Pil discovery nearby.
The company, which has a 25% stake in the Bue prospect, said it is likely to yield between six million and 25 million barrels of recoverable oil equivalent.
The Bue side-track well, which was drilled to a 3,656.5m depth, encountered an 18m hydrocarbon column, with variable quality reservoir rocks.
Analysis of the well data indicates no communication between the Bue and Pil discoveries, and they are separate resource accumulations.
Faroe has also provided an update for the Pil discovery, estimated to produce between 72 million and 172 million barrels of recoverable oil equivalent.
The Pil and Bue discoveries are located approximately 33km to the south-east of the Njord platform, in which Faroe owns a 7.5% stake, and are therefore anticipated to be within tie-back distance of the platform.
VNG Norge managed drilling operations using the Transocean Arctic drilling rig, with partners Spike Exploration and Rocksource Exploration Norway.
As per the plans, the Pil and Bue wells will now be permanently plugged and abandoned.
Faroe Petroleum chief executive Graham Stewart said: "The current resource range for the Pil and Bue discoveries together is now estimated to be between approximately 80 million and 200 million barrels of oil equivalent, of which around 80% is estimated to be oil and condensate.
"The partners are now preparing next year’s exciting exploration and appraisal programme to assess the further upside potential in the licence."
Image: The Bue side-track well was drilled to a 3,656.5m depth. Photo: courtesy of suwatpo / FreeDigitalPhotos.net.