Faroe Petroleum finds oil at Norwegian Sea flank

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Oct (HKSE: 3366-OL.HK - news) 17 (Reuters) - Faroe Petroleum Plc (LSE: FPM.L - news) :

** Njord North Flank oil and gas discovery

** Announce an oil and gas discovery at Njord North Flank in Norwegian Sea (Faroe 7.5 pct)

** Well encountered 102 metres of gross oil-bearing reservoir in middle and lower jurassic sandstones of Ile

** Also saw 157 metres of a gross gas condensate-bearing column in lower jurassic sandstones in Tilje formation

** Preliminary estimate of size of NF-2 discovery is between 1.3 and 18.9 mmboe for NF-2 and between 0.6 and 9.4 mmboe for side-track NF-3

** Collectively these discoveries are equivalent to a range of 1.9 mmboe to 28.3 mmboe (0.14 mmboe to 2.1 mmboe net to faroe)

** Results are in line with pre-drill estimates

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