LONDON (Alliance News) - Faroe Petroleum PLC on Tuesday said drilling has started on the Kvalross exploration well in the Norwegian Barents Sea.
Faroe said the drilling work has started on the 7224/2-1 exploration well, in which it holds a 40% interest. Wintershall Norge AS has a 40% stake and is the operator, with the other 20% held by Petoro AS.
"We are very pleased to announce the spudding of the Kvalross well which is the first of three exploration wells in Faroe's drilling programme for 2016 in Norway," said Graham Stewart, Faroe's chief executive.
"Faroe enters 2016 in robust financial health, with strong production, a solid cash position and largely un-utilised credit facilities, as we continue to evaluate the potential to take advantage of further good quality growth opportunities," he added.
Faroe shares were down 3.3% to 51.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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