Faroe Petroleum, an independent oil and gas company, has begun drilling on the Kalvklumpen Prospect, located in the Norwegian North Sea.
The Kalvklumpen Prospect, in which Faroe has a 20% interest, is situated east of the abandoned Fry Field and the recent Atla discovery.
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Graham Stewart, Chief Executive of Faroe Petroleum, said: "We are pleased to announce the spudding of the Kavlklumpen well, the first of our multi-well 2012 exploration drilling programme.
"Meanwhile, the Norwegian Butch discovery well is being brought to a close and operations on the Norwegian T-Rex exploration well continue."
The share price rose 0.31% to 160.5p by 13:49.
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