News

July 26, 2010

Faroe Petroleum Embraces Maria As Its Halten Terrace Strategy Starts To Pay Off

Faroe Petroleum started life in 1997 to participate in the opening of the territorial waters of the Faroe Islands to exploration, but right from the earliest days it was clear this E&P upstart had international ambitions. Chief executive Graham Stewart, formerly of Dana Petroleum, was convinced the way to build a sustainable oil and gas industry in the Faroe Islands was to look outwards to the UK and Norway as well as the new opportunities in home waters. It’s a strategy that has served the Aberdeen-headquartered company well.

More than ten years on and Faroe Petroleum is building a serious name for itself as an explorer, backed by production revenues from the UK North Sea. The company has just announced that drilling operations have started on the Anne Marie prospect ( Faroe Petroleum 12.5 per cent)  offshore the Faroe Islands.

 Last Thursday its share price jumped 30 pence to 159 pence (gaining again on Friday to end the week north of 160 pence) after the AIM company announced Well 6406/3-8 T2 on the...