Located in the Norwegian Sea in License PL586, the Blink prospect comprises the significant Pil and Bue discoveries.
Faroe Petroleum CEO Graham Stewart said: "Blink is part of the follow up drilling program on the significant Pil and Bue discoveries announced in 2014, located in the same license area and within tie-back distance of the producing Njord field infrastructure."
The well, which targets the Upper Jurassic reservoirs analogous to the Pil, Bue and Draugen field reservoirs, follows on directly from the Boomerang well.
Earlier, the company discovered 26m gross Upper Jurassic intra-Spekk/Rogn sandstone with estimated recoverable resources of between 13 and 31 million barrels of oil equivalent at the Boomerang well.
Located in water depth of approximately 360m, the Blink exploration well will be drilled using Transocean Arctic semi-submersible drilling rig.
The License PL586 is located in proximity to the producing Njord field.
Stewart added: "The Greater Njord Area, which includes the Pil and Bue discoveries, the producing Njord and Hyme fields as well as the Snilehorn discovery announced in late 2013, together form a substantial position for Faroe with already significant proven resources.
"This drilling campaign has the potential to add considerable additional value."
VNG Norge operates the license with 30% stake while other partners include Spike Exploration with 30% interest, Pure E&P Norway 15% and Faroe 7.5%.
Image: Faroe Petroleum expects drilling campaign to add considerable additional value to its portfolio. Photo: courtesy of num_skyman/ FreeDigitalPhotos.net.
