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Faroe Petroleum (FPM:AIM) 175.5p

The company has much to look forward to in 2008 with one of the first key landmarks being the announcement of results from the Tullow Oil (TLW)-operated Wissey well in the southern North Sea, which spudded on the 15 December. The net reserves attributable to Faroe Petroleum in respect of Wissey are estimated to be 5.9 bcf of gas (approximately 1 million boe), and there is potential for further upside. The company recently raised £45 million and is fully financed to drill up to 26 wells over the next two years. The BP (BP.)-operated William well, spudded last October in the area around the Faroes, offers near-term news flow on a high-impact exploration well, with results expected this quarter.