28th Apr 2015 08:14
LONDON (Alliance News) - Faroe Petroleum PLC on Tuesday said the Bister exploration well in the Norwegian Sea has been spud.
The Bister project is targeting oil and gas in the Jurassic, Ile, Tilje and Are formations in the prospect area. The site is operated by Norwegian oil and gas group Statoil ASA, which has a 35% stake, with Faroe holding a 7.5% stake in the project.
The remaining stakes in the project are held by GDF Suez E&P Norge AS, with 20%, E.ON E&P Norge AS with 17.5%, Core Energy AS at 17.5% and VNG Norge AS at 2.5%.
"I am very pleased to announce the spudding of the Bister exploration well to follow up on the significant Snilehorn discovery announced in 2013, located in the same licence and close to the producing Njord Field infrastructure. This is the second well in our 2015 exploration programme, following the successful completion of the Shango discovery earlier this month," said Graham Stewart, Faroe's Chief Executive.
Shares in Faroe were trading flat at 87.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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