Faroe Petroleum has discovered oil and gas at the company-operated Brasse exploration well on Norwegian North Sea license PL740. The well was drilled to a 9,120-ft total depth and encountered approximately 60 ft and 70 ft of gross gas-bearing and oil-bearing reservoir, respectively. Preliminary findings from coring, wireline logging, and pressure data indicate a good quality sandstone reservoir, and fluid sampling has confirmed the presence of oil and gas. A sidetrack well will be drilled to help confirm the reservoir distribution and hydrocarbon contacts. Faroe and Point Resourceseach hold a 50% interest in the well.