Faroe Petroleum finds oil in Boomerang well

Faroe Petroleum has struck oil in the main bore of the Boomerang exploration well at the Pil/Blue discovery in the Norwegian Sea.

The AIM-listed oil and gas company, which has a 25% interest in the project, said the well encountered good reservoir properties and moveable oil with preliminary estimates of recoverable volumes in the range between 13m and 31m barrels of oil equivalent.

Chief executive Graham Stewart said: “This appraisal and exploration well has provided a significant amount of important data and again proven how prospective the Pil area is.

"While we carry out further evaluation, the exploration campaign continues with drilling of the Blink prospect, due to spud shortly. Blink is an exciting independent prospect targeted as a potentially large addition to the already significant Pil and Bue discoveries announced in 2014, all of which are located in the same licence."

At 1530 BST, Faroe shares were down 3.9% at 68.75p.