Companies: FPM   

Faroe Petroleum says the East Breagh exploration well in the southern North Sea has yielded encouraging gas shows.

The Aberdeen-based company has 20 per cent of East Breagh, whose operator is Calgary oil group Sterling Resources. According to AIM-quoted Faroe, recent drilling detected gas and sand at a depth of 7,500 feet and obtained gas shows of up to 20 per cent.

Chief executive Graham Stewart declares this success ‘our second successful well in the Breagh area’, and says it will provide ‘key data for assessing the economic viability of the Breagh gas field’. Shares in Faroe, which rose from 88p to 209.5p between January 2007 and last May, have fallen since, after disappointment at the company’s Yoda well and now trade at l19p.

They are speculative.

Save 50% off your first year’s subscription to Growth Company Investor magazine, and gain immediate access to all the recommendations online. Click here.

Faroe Petroleum	AIM	£66.53m	63.50p	-0.25p
Click here for interactive charting
Other company articles:
North Sea cheer for Faroe			03/10/2008
Faroe raising £45 million			30/11/2007
Norway beckons Faroe			11/09/2006
Faroe hits dry well			09/06/2006
Faroe Petroleum waits on North Halibut			23/05/2006