Faroe Petroleum slides on dry well

Shares 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.