By Alex MacDonald
LONDON--U.K.-listed Faroe Petroleum PLC (FPM.LN) said Tuesday
that drilling has begun at the Norwegian Sea Bister well.
The well, located in the license area adjacent to the producing
Njord field, is targeting oil and gas in the Jurassic, Ile, Tilje
and Are formations.
The Bister exploration well is operated by Statoil ASA (STL.OS),
which owns a 35% stake. Other stakeholders include GDF Suez S.A.
(GSZ.FR) with a 20% stake, E.ON SE (EONGY) with a 17.5% stake, Core
Energy AS with a 17.5% stake, Faroe with a 7.5% stake and VNG Norge
AS with a 2.5% stake.
At 0721 GMT. Faroe's shares were up 0.3% at 87.25 pence, giving
a market capitalization of GBP234 million ($355 million).
Write to Alex MacDonald at alex.macdonald@wsj.com
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