Spirit Energy is preparing to develop the Fogelberg discovery after an appraisal well showed it contains between 40-90 million barrels of oil equivalent.
The field is expected to be tied back to the Asgard B platform.
Spirit intends to submit a development plan next year, with first oil slated for 2022.
The well was drilled by the semi-submersible rig Island Innovator, operated by Odfjell.
Dag Omre, managing director of Spirit Energy Norge, said: “We got positive information from the well and our estimates of the thicknesses and quality of the reservoirs have been confirmed. We also carried out a production test, which shows that the gas flows well from the reservoir.
“This is very good news. This drilling has considerably lifted the floor of the resource estimate, thus reducing the risk and yielding a more robust project. Everything is now lined up for Fogelberg to be our next development as an operator on the Norwegian shelf.”
Spirit Energy discovered the Fogelberg prospect on Haltenbanken in the Norwegian Sea in 2010
The joint venture in the Fogelberg licence consists of Spirit Energy, operator, (51.7%), PGNiG Upstream Norway (20%), Faroe Petroleum (15%) and Dyas Norge AS (13.3%).
Faroe chief executive Graham Stewart said: “We are pleased to announce the successful drill stem test at the Fogelberg sidetrack which further derisks the Fogelberg project. By the end of the year, we expect to have commenced development planning on the tieback to Åsgard B and we aim to move the 2C contingent resources to 2P reserves.
“We look forward to an exciting programme of five exploration wells in the period ahead which we expect to commence with the Faroe-operated Rungne well, which will be followed back to back with the Faroe-operated Brasse East well.”