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Faroe Petroleum finds gas in Norwegian Sea well

Reuters - UK Focus

April 10 (Reuters) - Faroe Petroleum (LSE: FPM.L - news) 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 (Frankfurt: 98S.F - news) 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 potential.

"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 (Paris: FR0011660836 - news) 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 (Other OTC: LDNXF - news) . (Reporting by Karen Rebelo in Bangalore; Editing by Gopakumar Warrier)