Located in a water depth of 260m, the well 6407/8-7 will target oil and gas in the Jurassic, Ile, Tilje and Åre formations.
License PL 348/C, which also contains the producing Hyme field and the 2013 Snilehorn discovery, is located adjacent to the producing Njord field. Statoil operates both PL348 and Njord.
Statoil operates the well with a 35% stake while Faroe Petroleum owns 7.5% interest. GDF Suez E&P Norge owns 20%, E.ON E&P Norge 17.5%, Core Energy 17.5% and VNG Norge 2.5%.
The company said that a seismic amplitude anomaly on the Bister prospect has been identified which is similar in character to the anomalies on both the Snilehorn discovery and the Hyme field.
Faroe Petroleum CEO Graham Stewart said: "I am very pleased to announce the spudding of the Bister exploration well to follow up on the significant Snilehorn discovery announced in 2013, located in the same licence and close to the producing Njord Field infrastructure.
"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."
