Kalvklumpen failure for Faroe Petroleum

published 13 February 2012

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%.