Faroe Petroleum slides on dry well

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es in Faroe Petroleum fell over seven per cent yesterday, after the North Sea oil and gas explorer said it had plugged and abandoned the Centrica-operated Butch East exploration well, after failing to encounter oil. “While the results for the Butch East well are disappointing, Butch South West is structurally independent and a highly prospective target with significant upside potential,” said chief executive Graham Stewart.