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.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

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