Kalvklumpen failure for Faroe Petroleum
Faroe Petroleum has failed to find any hydrocarbons at its 20%-owned Kalvklumpen prospect in the Norwegian North Sea.
Faroe Petroleum has failed to find any hydrocarbons at its 20%-owned Kalvklumpen prospect in the Norwegian North Sea.
The company says the data acquired during the drilling will be used to "de-risk" other prospects but the Faroe's Chief Executive, Graham Stewart, admitted the results were "disappointing".
He will also have been disappointed by his firm's share price which dropped 4% on AIM in morning trading. Over the last year the stock has now fallen 12%.
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
BS
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Ofgem proposes new energy tariffs with low or no standing changes
Standing charges have invited public backlash as households battle high energy bills
By Katie Williams Published
-
Google shares bounce on Gemini 2.0 launch
Google has launched the latest version of its Gemini AI platform, and markets have responded positively. Is it time to buy Google shares?
By Dan McEvoy Published