Scottish Oil Discovery Boosts Shares in Faroe and Dana

Shares in Faroe Petroleum (FPM) and Dana Petroleum (DMX) have enjoyed a boost of 6.3 percent to their share price after the Atlantic Margin, North Sea and Norway-focused explorer announced an oil discovery at the Tornado exploration project, west of Shetland. The well discovered oil and gas in Tertiary reservoir sandstones, and data collection is currently ongoing. As a result, Dana Petroleum saw its shares rise by almost 3%, whilst shares in Faroe Petroleum got a 6% boost. Dana’s chief executive, Tom Cross, stated: “The discovery of hydrocarbons at Tornado is an important result as it lies in an area of the UK Continental Shelf where Dana and Faroe Petroleum have very strong positions as the key independents. We look forward to the sidetrack well to determine the ultimate size of this new field.” This indicates that the discovery may open up a new area for the duo with the potential to create many new jobs in the oil and gas industry in Scotland. To view our current job vacancies in Scotland, please click here.

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