Mixed fortunes for North Sea drillers trying to strike black gold

Jessica Morris
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Cabinets From Both UK And Scottish Governments Meet In North East Scotland
Faroe found up to 80,000 barrels of oil in the North Sea (Source: Getty)

Two firms that bet on finding black gold in the North Sea revealed markedly mixed fortunes.

Independent oil and gas producer, Faroe Petroleum, got lucky near its main Brasse well in Norway, it said today. The company added that the discovery could produce as much as 80,000 barrels of oil.

Shares in the company were up 5.52 per cent in early trading.

Read more: Oil falls to a two-month low as economic storm clouds gather

"[This] builds, via this low cost exploration and appraisal well, on Faroe's already significant position in the Norwegian North Sea," Graham Stewart, the firm's chief executive, said.

But the good fortune didn't extend to FTSE-250 oil and gas explorer Tullow Oil.

Tullow said on Friday that its North Sea wildcat (when drillers explore areas that aren't known to contain oil fields) was unsuccessful, and "will now be plugged and abandoned".

The firms stock was down 1.18 per cent to 219.4p at pixel time.

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