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
-
Lloyds axes foreign currency fees for Club Lloyds customersClub Lloyds customers will be able to withdraw their money abroad without incurring any extra fees
-
How to invest during stagflationTrump’s tariffs look poised to push the global economy into a period of stagflation. We look at how to ensure your investments can survive a global slowdown.
