Faroe Petroleum, an independent oil and gas company, has begun drilling on the Kalvklumpen Prospect, located in the Norwegian North Sea.

The Kalvklumpen Prospect, in which Faroe has a 20% interest, is situated east of the abandoned Frøy Field and the recent Atla discovery.

The drilling operation, which is set to take between 30-35 days, will be undertaken by Det Norske Oljeselskap as operator using the Songa Delta drilling rig.

Graham Stewart, Chief Executive of Faroe Petroleum, said: "We are pleased to announce the spudding of the Kavlklumpen well, the first of our multi-well 2012 exploration drilling programme.

"Meanwhile, the Norwegian Butch discovery well is being brought to a close and operations on the Norwegian T-Rex exploration well continue."

The share price rose 0.31% to 160.5p by 13:49.

NR

Related share prices
Faroe Petroleum (FPM) share price