LONDON, April 10 (UPI) -- Faroe Petroleum said Friday it's among the regional leaders in terms of Norwegian operations after announcing results from a North Sea exploration well.

The company said Friday it made a natural gas discovery at the Skrine East well in the Norwegian waters of the North Sea. Operated by French energy company Total, the company, which has headquarters in London, said it was now considering full development plans for the find.


At between 3 million and 10 million barrels of oil equivalent, the company said the results came in less than anticipated. Regionally, however, Chief Executive Graham Stewart the discovery is a boost for the North Sea and Faroe itself.

"Our Norwegian position is now one of the most significant of any U.K. independent exploration and production company and with our robust balance sheet, despite challenging market conditions, the company is set for another exciting year in 2015."

Despite taking a loss because of the low price of oil, Faroe said last month it was in a "strong position" to build value as it moves forward this year.

Norway is one of the region's more important natural gas suppliers.