26th Aug 2015 07:40
LONDON (Alliance News) - Faroe Petroleum PLC on Wednesday said drilling has started at the Portrush exploration well in the Norwegian Sea.
Faroe, an oil and gas company focused on the Norway and UK markets, owns a 20% stake in the licence, which is located south east of the production, Statoil-operated Njord field, in which the company owns a 7.5% stake.
"I am very pleased to announce the spudding of the Shell operated Portrush exploration well located in proximity to our Pil and Bue discoveries and the Njord and Draugen fields," said Graham Stewart, Faroe's chief executive.
Shares in Faroe were up 1.2% to 65.8 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Faroe Petroleum Plc