April 10 Faroe Petroleum said on
Thursday it discovered gas and condensate at the Solberg well in
the Norwegian Sea sending its shares up more than 13 percent.
Faroe, which has a 20 percent interest in Solberg, said the
preliminary resource estimate for the discovery was in the range
of 6 million to 25 million barrels of oil equivalent with
(mmboe) with 1 mmboe to 5 mmboe attributable to the company.
The company, which focuses on exploration, appraisal and
production prospects in Norway, the Atlantic margin and the
North Sea, said it would work with its licence partners to
assess the total volumetric potential across the Rodriguez,
Solberg and Milagro wells to assess their combined commercial
"We highlight that today's discovery at Solberg follows
recent discoveries on Snilehorn and Pil, illustrating continued
success with the drill-bit and validating the company's high
impact exploration programme," Cantor Fitzgerald analyst Sam
Wahab wrote in a note.
Shares in the company were up 13 percent at 142.50 pence at
0721 GMT on the London Stock Exchange.
(Reporting by Karen Rebelo in Bangalore; Editing by Gopakumar