Faroe Petroleum said yesterday that the drilling of a sidetrack appraisal well to assess the Glenlivet gas discovery west of Shetland had started.
The Aberdeen company said the well would assist in determining the potential reserves and the commerciality of the find.
“The results of the appraisal well are expected within a week, following which a further announcement will be made,” added Faroe.
Shares in the firm rose by 2p yesterday to close at 122p. Faroe saw its shares soar more than 20% to 106p last Monday after it announced the Glenlivet discovery – its first in the Atlantic Margin.
The company said it had made a significant gas find, with the well encountering a net gas column of 201ft and excellent reservoir quality.
Faroe has 10% of the Glenlivet licence area operated by Danish group Dong, which holds a 80% interest, while partner First Oil Expro has 10%.
The firm said Glenlivet was close to the planned UK west-of-Shetland gas-gathering system and the find had the potential to become significant part of this.
Faroe added that the Glenlivet licence also contained another gas discovery, Laxford, and further potential exploration targets, all close to Glenlivet.
The Glenlivet well is the first of a firm five-well Atlantic Margin exploration drilling programme in which Faroe is involved.
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