Faroe Petroleum, an independent oil and gas company, has made an oil discovery in well 6406/3-8 T2 on the Maria prospect in the Norwegian Sea.

The current equity holders in the license are Wintershall Norge (25%, operator), Concedo (10%), Spring Energy Norway (15%), Centrica Resources (20%), and Faroe with the largest equity stake at 30%.

The Maria prospect (Blocks 6407/1 and 6406/3) is situated on the Halten Terrace, between Smorbukk Sor and Trestakk oil discovery and Tyrihans gas field. Maria consists of two segments, Maria South and Maria North, located respectively up dip to the south west and north east of the 6406/3-5 well.

Preliminary log analysis indicates a thicker than expected gross oil column of 210ft in a better than expected reservoir with excellent properties and a high net to gross ratio. Initial analysis indicates that the Maria oil has properties similar to the oil in the nearby Trestakk discovery, at around 40 degrees API.

The preliminary analysis indicates volumes in place (STOIIP) of between 250mmboe and 520mmboe with recoverable volumes currently estimated at between 75mmboe and 155mmboe of oil and associated gas. Extensive data collection and sampling programs have been undertaken, including logging, fluid sampling and several mini drill stem tests.