The Aberdeen-based Faroe Petroleum has expanded its North Sea assets after discovering a new exploration oil and gas reserves well in the Norwegian North Sea, reported Oil Voice.

Proactive Investors has cited that the Brasse well was drilled to a depth of 2,780 meters and contains 18 meters of gas bearing and 21 meters of oil bearing reservoirs. The discovered oil and gas were described by the company to be of high quality and the oil reservoir is believed to be analogous to the Brage producing field which is 13 km away to the north of the field.

Faroe Petroleum owns a 50% stake in the new discovery and has 14.3% of Brage.

“We are very pleased to announce the oil and gas discovery at the Brasse prospect and await the results of the [drilling].  This discovery in one of our core areas builds on Faroe’s already significant position in the Norwegian North Sea via a low cost exploration well,” said the CEO of Faroe Petroleum, Graham Stewart, according to The Telegraph. He added that “if the Brasse drilling results prove a commercial discovery, it could be tied-back to the Brage production facilities or alternatively to other nearby installations.”