Faroe Petroleum said it was on course to take a fourth gas field into development next year following a successful well test in the southern North Sea.

Faroe Petroleum said it was on course to take a fourth gas field into development next year following a successful well test in the southern North Sea.

The Aberdeen-based oil and gas independent said flow rates on a test on the Topaz field had achieved commercial thresholds and the partners planned to proceed to development.

Operated by RWE, the Topaz field is expected to be tied back to nearby facilities in time to start pumping in the third quarter of next year.

Faroe acquired a 7.5% interest in the field from E.ON Ruhrgas in November in a transaction involving a number of assets.

Graham Stewart, chief executive of Faroe, noted the outlook for gas prices had continued to improve since the deal was struck.

He said revenues from Topaz would be a valuable addition to production income derived from non-operated interests. The company uses this to help cover the cost of exploration in areas including the deeps off the eponymous Faroe Islands and west of the Shetland Isles.

Shares in Faroe Petroleum closed up 2p at 127p.