Faroe Petroleum Finds Oil at Butch Prospect

British oil and gas explorer Faroe Petroleum Plc said it found oil in a well at the Butch prospect in the Norwegian North Sea, marking its second successful oil discovery in three months.

Faroe, which operates primarily in the UK and the Norwegian North Sea, also said it would drill further with its joint-venture partners to check for additional volumes of oil at the licence.

Faroe shares the licence with Centrica, which has a 40 percent stake and operates the licence, Suncor Norge AS — a unit of Suncor Energy — and Spring Energy Norway AS.

The company said it found net oil pay — the zone of a reservoir that contains economically producible oil — of about 50 metres in the upper Jurassic layer of the 8/10-4S well in the Butch prospect.

‘The entire reservoir section was found to be oil bearing and an oil water contact was not penetrated,’ Faroe said in a statement.

In August, Faroe said it made an oil discovery in its first operated exploration well in the west of Shetlands region in the North Sea.

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Source: lse , October 18, 2011;