The well is located in license PL793 and approximately 10km south-east of the producing Statoil-operated Njord field and 20km west of the Shell-operated Draugen field.

Planned to be drilled using the Transocean Barents semi-submersible drilling rig, the exploration well will target prospective resources along the Vingleia fault in Upper Jurassic reservoirs.

Faroe Petroleum CEO Graham Stewart said: "Drilling operations on the Boomerang prospect continue.

"The company will announce the results from the Boomerang well when drilling operations are complete, which is expected in September.

"The company’s exciting 2015 exploration drilling campaign, focuses entirely on this area in the Norwegian Sea and has the potential to add considerable additional value."

Norske Shell operates the exploration license PL793 with 40% stake, while other partners including Faroe Petroleum, VNG Norge and Petoro each own 20%.

The license was awarded to the joint venture as part of the 2014 awards in predefined areas (APA) licensing round on the Norwegian Continental Shelf, in January.