Faroe Petroleum begins drilling at Portrush well in Norwegian Sea

Faroe Petroleum has begun drilling the Portrush exploration well in the Norwegian Sea, in which it holds a 20% stake.

The licence is located south east of the producing Statoil-operated Njord field, in which Faroe owns a 7.5% stake and west of the Shell-operated Draugen field.

Chief executive Graham Stewart said: “I am very pleased to announce the spudding of the Shell-operated Portrush exploration well located in proximity to our Pil and Bue discoveries and the Njord and Draugen fields.”

In addition, the oil and gas company said drilling operations on the Boomerang prospect continue and results will be announced when drilling operations are complete, which is expected in September 2015.

“The company's exciting 2015 exploration drilling campaign, focuses entirely on this area in the Norwegian Sea, and has the potential to add considerable additional value," it said.

At 1117 BST, Faroe shares were up 1.9% at 66.25p.