Faroe Petroleum rises as Total begins drilling on Shango well in Norway

Oil and gas explorer Faroe Petroleum said drilling has begun on the Shango exploration well, in which it holds a 20% stake.

Total Exploration, which owns 40% of the well in the Norwegian North Sea, began drilling on the site and could "fast-track" a subsea development from Shango to the Skirne field, which it also owns and which is situated five km from the Shango site, if the two sites are find to contain a similar gas and condensate product.

"I am very pleased to announce the commencement of our 2015 exploration drilling programme, with the high impact Shango well," said Faroe chief executive Graham Stewart.

Faroe shares were up 0.36% to 70.25p at 08:58 on Monday.