11 February 2012

Faroe toasts Glenlivet

14/09/2009 Robert Tyerman

Exploration company Faroe Petroleum reports a gas find at its 10 per cent-owned West of Scotland Glenlivet well.

Aberdeen-based Faroe, where fully-listed Dana Petroleum has a big holding, says preliminary drilling results indicate a net gas column of 201 feet in a Palaeocene reservoir at Glenlivet, with high porosity and potentially ‘very high’ permeability. Glenlivet is the first of a five-well exploration programme in the Atlantic margin to be undertaken over the coming months by the company, which is also focused on the North Sea and Norway.

Highlighted by Growth Company Investor at 82p in May, Faroe shares now stand at 106p. Hold on.

Tags: AIM

Sector: Oil & Gas Producers

Companies: Faroe Petroleum , Dana Petroleum

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