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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
