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Norwegian field fails to deliver
Faroe Petroleum, the Aberdeen-based oil and gas firm, yesterday provided a disappointing update from one of its prospects in the Norwegian sector of the North Sea.
The company said it had failed to find oil at the Kalvklumpen well but added that data gathered during the drilling process would help its progress with other prospects in the area. The company is carrying out a multi-well exploration drilling programme in the region.
Faroe chief executive Graham Stewart said: “Whilst the results for the Kavlklumpen well are disappointing, the extensive data acquired will be now be applied to evaluate and de-risk further prospects within this and the adjacent licences held by the company in this prospective area.”
Last month Faroe and partner Centrica had to abandon another exploration well in the Norwegian sector of the North Sea due to technical problems. Shares in Faroe last night fell 5p or 2.9 per cent to 165p.
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Friday 25 May 2012
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