The London-listed explorer hit pay at the 6507/10-2S well on the Novus prospect, which was spudded on 11 November with the drillship West Navigator.
Faroe found a 12-metre net gas column and a 12.5-metre net oil column in a high-quality Garn formation. The other target formations, Ile and Tilje, were, however, found to be water-bearing.
Early estimates are of between 6 million and 15 million barrels of oil equivalent recoverable at the propect.
However,
