Drill this way: Faroe takes first steps on Aerosmith well

The well, located in the Halten Terrace, approximately 200km offshore in the Norwegian Sea and located near to the Statoil operated Morvin and Aasgard fields, will target two formations- one in the Cretaceous and the other in Jurassic, said the company.

Results are to be announced upon completion of operations, estimated to take almost 90 days.

Graham Stewart, chief executive of Faroe Petroleum commented: "We are pleased to have spudded this well; not only is it good to end the year with another high impact exploration well but it is also good to be drilling a prospect which has been part of our portfolio for a number of years and which is located in an area we know very well and have had significant success in.

"The Iris/Hades (Aerosmith) well marks the end to our 2017 exploration drilling programme, which has continued to deliver value and an industry leading success rate of over 30% due to the diligence and hard work of our in-house technical teams.

"We end 2017 in a great position, with a pipeline of high quality, world class development projects, to grow materially our production and with a very strong balance sheet, which we recently further strengthened with the successful issue of a $100m unsecured bond. I look forward to updating the market on Faroe's progress in early 2018."