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 for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Can I shield my ISAs from inheritance tax?
Many investors and savers will be wondering if there’s anything they can do to protect their ISAs from inheritance tax, especially as pensions will become liable for the levy from April 2027. We reveal the options available to ISA customers
By Ruth Emery
-
What is the average salary by age – and how do you compare?
Are you making more than your peers? We look at the average salary by age to see how much the typical Brit earns at different stages of their life
By Daniel Hilton