23rd May 2018 15:29
LONDON (Alliance News) - Faroe Petroleum PLC said Wednesday drilling at the Norwegian Brasse East exploration well is set to begin in the fourth quarter of 2018.
Faroe owns 50% of the well in a joint venture with Point Resources which owns the remaining 50%.
Recent seismic reprocessing and reinterpretation work has identified significant hydrocarbon potential at the well.
"I am pleased to announce the addition into our 2018 exploration drilling programme of the Brasse East exploration well, which brings the total number of exploration and appraisal wells planned for the year to six," Faroe Chief Executive Officer Graham Stewart said.
"If successful the Brasse East well could contribute significant additional hydrocarbons, thereby potentially adding further value to this attractive flagship development project."
Faroe shares were trading 2.5% lower at 143.80 pence on Wednesday.
Related Shares:
Faroe Petroleum Plc