Proactiveinvestors recommends
Additional Information
Market: AIM
Sector: Energy
EPIC: FPM
Latest Price: 110.25p  (0.12% Ascending)
52-week High: 167.00p
52-week Low: 106.00p
Market Cap: 234.15M
1 year chart More charts
digital-look imported chart image
Deal FPM Tax Free*
*subject to change and depends on individual circumstances.
1 day chart More charts
digital-look imported chart image
Advertisement
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Faroe Petroleum
www.faroe-petroleum.com
Deal Faroe Petroleum Tax Free* Losses can exceed
your initial deposit *subject to change and depends on individual circumstances.

Faroe Petroleum has a substantial portfolio of exploration, appraisal and development assets across the Atlantic Margin, the UK and Norwegian North Sea and the Norwegian Sea.

Faroe Petroleum joint venture partners include BP, Chevron, ConocoPhillips, DONG, DSM, Eni, E.ON Ruhrgas, GDF, Oilexco, OMV, RWE, Shell and Statoil all  of which...

Read more
Full Faroe Petroleum profile here
Pdf

Faroe Petroleum shares advance as drilling starts on Butch prospect

August 15 2011, 11:36am The exploration well is targeting a ‘stratigraphic pinch-out trap’, which has a producing reservoir in the nearby Ula, Tambar and Gyda fields.

Faroe Petroleum (LON:FPM) shares advanced 6 per cent today as it confirmed that drilling is now underway on the Butch prospect in the Norwegian North Sea.

The AIM-listed explorer has a 15 per cent stake in the well, which is being drilled by Centrica (LON:CNA). The exploration well is targeting a ‘stratigraphic pinch-out trap’, which has a producing reservoir in the nearby Ula, Tambar and Gyda fields.

"We are pleased to announce the spudding of the first of our three near term Norwegian exploration wells, part of our fully funded drilling programme,” said chief executive Graham Stewart.

“The Butch prospect offers an exciting opportunity to test a good prospect in the Jurassic Ula Formation, which has proved so successful in the nearby Ula, Tambar and Gyda fields.

"Elsewhere in our portfolio, drilling is also ongoing on the Fulla prospect West of Shetland, which is our first operated well, and for which results are expected to be announced later this month."

Centrica has a 40 per cent stake in the licences that host the Butch prospect, while the remaining equity is split between Suncor ASA and Spring Energy Norway, holding 30 and 15 percent respectively.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.