LONDON (Alliance News) - Faroe Petroleum PLC has begun exploration drilling on the Northern North Sea, the company said on Wednesday.
Faroe is drilling the 31/7-3S well on Brasse East. Faroe, which has a 50% working interest, operates the well.
Faroe finished a field development feasibility study at the end of 2017, which confirmed several "economically attractive" development opportunities.
The company expects to drill 2,271 metres deep, in water 124 metres deep.
Chief Executive Graham Stewart said: "I am pleased to announce the spudding of the Faroe-operated Brasse East exploration well which is immediately adjacent to the Faroe-operated Brasse field.
"Brasse East offers upside potential for the Brasse field development as well as potential to unlock additional exploration upside to the north east of the Brasse field," Stewart added.
"Faroe's active exploration programme is continuing over the coming period, with the Cassidy well preparing for drilling later this year plus a further two wells committed for the first half of 2019."
Shares were 1.8% higher on Wednesday at a price of 128.66 pence each.
