Drilling has started at the Bister 6407/8-7 exploration well in the Norwegian Sea.
Located in a water depth of around 260m, the well is targeting oil and gas in the Jurassic, Ile, Tilje and Åre formations.
Statoil operates the well with a 35% stake. Faroe Petroleum holds a 7.5% interest.
The remaining stakes in the well are held by GDF Suez E&P Norge with 20%, E.ON E&P Norge with 17.5%, and Core Energy and VNG Norge hold 17.5% and 2.5% interests respectively.
Faroe Petroleum chief executive Graham Stewart said: "This is the second well in our 2015 exploration programme, following the successful completion of the Shango discovery earlier this month.
"During the coming months we also expect to start drilling the first of two follow-up wells at the significant Pil discovery (Faroe 25%) on the Blink and Boomerang prospects."
The Bister prospect is situated in the Norwegian Sea, in Licence PL 348/C, which also features the producing Hyme field, and the 2013 Snilehorn discovery.
Faroe said a seismic amplitude anomaly on the Bister prospect is similar to the anomalies on both the Snilehorn discovery and the Hyme field.
The company added that there is also evidence of a pressure barrier between Snilehorn and Hyme, which contributes towards the de-risking of the Bister prospect.
Image: The Bister 6407/8-7 exploration well is targeting oil and gas in the Jurassic, Ile, Tilje and Åre formations. Photo: courtesy of suwatpo/FreeDigitalPhotos.net.