Faroe starts drilling on Kalvklumpen prospect

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.

The drilling operation, which is set to take between 30-35 days, will be undertaken by Det Norske Oljeselskap as operator using the Songa Delta drilling rig.

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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.

NR