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Faroe Petroleum begins work on second Blink prospect well

Michele Maatouk

LONDON (ShareCast) - (ShareCast News) - Oil and gas company Faroe Petroleum (LSE: FPM.L - news) has begun work on the second Pil/Bue follow-up well on the Blink prospect in the Norwegian Sea. Faroe said the 6406/12-5S exploration well, in which it owns a 25% stake, has been spudded.

Chief executive Graham Stewart said: "I am very pleased to announce the spudding of the Blink exploration which follows on from the Boomerang discovery announced last week.

"Blink is part of the follow up drilling programme on the significant Pil and Bue discoveries announced in 2014, located in the same licence area and within tie-back distance of the producing Njord field infrastructure." The Blink exploration well is operated by VNG Norge AS using the Transocean Arctic semi-submersible drilling rig with partners Spike Exploration AS and Pure E&P Norway AS.

At 0924 BST, Faroe shares were up 4.2% at 67.75p.