The market responded positively to news that Faroe Petroleum’s Butch exploration well in the Norwegian North Sea had made a significant find in “good quality reservoir sands”. The find is at a relatively shallow depth of 66 metres, and is located just seven miles from the existing infrastructure of the giant Ula field.
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Extensive data has already been collected, but the joint venture, in which Faroe holds a 15 per cent interest, intends to proceed immediately to determine the extent of additional volumes of oil. Updates will follow, which will indicate whether the expectations of 60m barrels of oil equivalent can become a reality.
