Faroe cheers first Shetland find

Shares in Faroe Petroleum surged more than 15 per cent yesterday after the firm announced an oil discovery off the coast of the Shetland Islands at its first operated well. Faroe said the reservoir 7,000 feet below the sea bed contained better quality oil than expected. The Fulla prospect is just 31km from BP-operated Clair field platform, where large deposits have previously been discovered. The company will now test the fuel in preparation for full drilling, alongside its Norwegian exploration efforts.