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Market: AIM
Sector: Energy
EPIC: FPM
Latest Price: 110.75p  (0.45% Ascending)
52-week High: 167.00p
52-week Low: 106.00p
Market Cap: 235.22M
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Deal FPM Tax Free*
*subject to change and depends on individual circumstances.
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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...

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Faroe Petroleum spuds Clapton exploration well in Norwegian North Sea

May 24 2012, 9:50am The well is targeting the Clapton prospect, which is in close proximity to a number of giant oil fields in this prolific area of the Norwegian North Sea

Faroe Petroleum (LON:FPM) said it has started drilling the Clapton prospect in the Norwegian North Sea, of which it holds 40 per cent and where it is operator.

Well 2/8-18 S is Faroe Petroleum's first operated well in Norway and will target the Clapton prospect located in PL440 S in block 2/8, approximately 5 kilometres east of the Eldfisk East field and 10 kilometres north of the Valhall field. 

The well will target the Ekofisk, Tor and Hod formations, which are the main producing reservoirs in the neighbouring fields.

The other partners in the well are Dana Petroleum Norway AS with 20 per cent, Lundin Norway AS with 18 per cent, Norwegian Energy Company ASA with 12 per cent, and Det Norske Oljeselskap ASA holds the remaining 10 per cent.

Chief executive Graham Stewart said: “The well is targeting the Clapton prospect, which is in close proximity to a number of giant oil fields in this prolific area of the Norwegian North Sea.

"This is an exiting period for Faroe Petroleum with three high impact exploration wells drilling at the same time. We look forward to the results of the Cooper well in the Norwegian North Sea (Faroe 30 per cent), the North Uist exploration well west of Shetland (Faroe 6.3 per cent) together with our own operated Clapton well," he added.

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