Faroe Petroleum: Gas condensate confirmed at Rodriguez well

31st Jan 2013 11:12

Independent oil and gas company Faroe Petroleum has confirmed a significant gas condensate discovery at its Rodriguez exploration well, an operational update issued by the compan on Thursday has revealed.The AIM-listed mining company said moveable hydrocarbons had been discovered in the sandstone layers in the Lange formation, which contained an estimated gas condensate column of nine metres net pay. It stated that the operator's preliminary volumetric estimates of the size of the discovery were between 19 and 126m barrels of recoverable oil equivalent. Graham Stewart, Chief Executive of Faroe Petroleum, said: "We are very pleased to announce this gas condensate discovery on the secondary target of this Norwegian Sea exploration well. "This significant discovery gives the partnership a good indication of further upside potential on the rest of the licence block with at least two further matured and partially de-risked prospects and we look forward to its further appraisal." Faroe Petroleum's share price was down 1.09% to 136.50p at 11:19 on Thursday. MF