Faroe falls on dry well in Norway

Faroe Petroleum yesterday said it plans to abandon an exploration well in the Darwin prospect, sending its shares down 7.25 per cent to 128p. Faroe, which has a 12.5 per cent stake in the project, said no hydrocarbons were found in the site, its first in this Norwegian Barents Sea licence. Chief executive Graham Stewart said he was disappointed, but that the well has provided “important new data and information” about the area.