EQNR Equinor ASA

By Alex MacDonald

LONDON--Faroe Petroleum PLC (FPM.LN) said Wednesday that it has found no oil or natural gas at its Bister exploration well in the Norwegian North Sea.

The Bister prospect, which is 7.5% owned by Faroe and operated by Statoil ASA (STO), is located next to the 2013 Snilehorn discovery and the nearby producing Njord Hyme fields.

During the coming months Faroe expects to start drilling the first of two follow-up wells at the Pil discovery, in which Faroe has a 25% interest, and on the Blink and Boomerang prospects.

Faroe Petroleum's shares are up 35% since the beginning of the year at 81.5 pence a share but down 40% over the past 12 months, giving the company a market capitalization of around GBP218 million ($339 million).

-Write to Alex MacDonald at alex.macdonald@wsj.com

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