Small gas discovery at Norwegian Sea

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Faroe Petroleum made a discovery of gas at Norweigian Sea through their Novus exploration well. However,  it was reported that it is unlikely to be a commercial size on its own due to presence of large gas cap in the reservoir.

“We are pleased to announce a small discovery of oil in the Novus prospect and the de-risking of the identified structures and prospects which remain in the license, through the successfully calibrated seismic data. The well confirms the robustness of our geophysical model and the team’s ability, and there is real potential for Novus to have future commercial value in combination with a discovery from one of the identified and de-risked prospects and leads in the immediate vicinity.” –  Faroe Chief Executive Graham Stewart mentioned in a company statement

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