Faroe Petroleum is pleased to announce an oil discovery in well 6407/8-6 and sidetrack 6407/8-6A on the Snilehorn Prospect in the Norwegian Sea (Faroe 7.5%).

Highlights: •The exploration well 6407/8-6 and sidetrack 6407/8-6A discover oil in the Snilehorn Prospect •Main bore encountered oil columns totaling approximately 191 metres in the Ile, Tilje and Grey-Beds formations •The sidetrack encountered oil columns totaling approximately 124 metres in the Melke, Ile and Tilje formations •The operator’s initial volumetric estimates of the size of the discovery are between 57 and 101million barrels of recoverable oil equivalent (“mmboe”), net to Faroe c. 4 - 8 mmboe •Total vertical depth of the well was 3,400 metres below sea level and ended in the upper Triassic Grey-Beds Formation

The well, which spudded on 18th September, was targeting oil and gas in the Jurassic Ile, Tilje and Åre formations (analogous to the Hyme oil field reservoirs). The main bore (6407/8-6) encountered oil columns of approximately 40 metres thickness in the Ile formation, 130 metres in the Tilje formation and in addition approximately 21 metres in the Triassic Grey–Beds formation. Oil-down-to situations were encountered in all three formations in the main bore.

Tags: Faroe Petroleum