Scotland business

Faroe hopes for T- Rex to strike oil

Image caption Faroe operates mainly in the Atlantic margin, the North Sea and Norway

Oil and gas explorer, Faroe Petroleum, has announced the start of drilling operations at its T-Rex prospect in the Norwegian Sea.

The prospect, in which the Aberdeen-based company has a 30% interest, is close to fields where oil was discovered in 2010.

The drilling will be carried out by Maersk Oil, which has a 70% interest, using the Transocean Winner rig.

The work is expected to be completed in early 2012.

Graham Stewart, Chief Executive of Faroe Petroleum said: "We are very pleased to announce the spudding of the second of our three 2011 Norwegian exploration wells.

"The T-Rex prospect is situated in a well defined area and one in which Faroe has significant proprietary experience."

He added: "The well is a potential play opener in this prolific region with considerable follow up potential."

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