Two additional Norwegian firm wells
(Thomson Reuters ONE) - 19 August 2009 Faroe Petroleum plc ("Faroe", the "Company") Two additional Norwegian firm wellsFaroe Petroleum plc, the independent oil and gas company focusingprincipally on exploration, appraisal and undeveloped fieldopportunities in the Atlantic margin, the North Sea and Norway, ispleased to announce that on 16th August it entered into the secondphase of the exploration work programme in two Norwegian licences andhas subsequently committed to drill two wells: T-Rex (Faroe 30%) andButch (Faroe 15%).The T-Rex well will appraise an existing discovery in the LowerCretaceous zone located between the Smørbukk and Smørbukk Sør fieldsin the Norwegian Sea. Hydrocarbons have already been proved in theprospect, which has significant volumetric upside. The T-Rexprospect is in PL431 and was awarded to Faroe Petroleum in theNorwegian APA (Awards in Predefined Areas) 2006 Licensing Round.In connection with the drilling decision in PL431, Mærsk Oil Norwayhas entered the licence as its new operator and has taken on a 70%licence interest. Faroe holds the remaining 30% licence interest. The transaction is subject to approval by the Norwegian Authorities.The Butch well in PL405 and PL405B will drill a prospect located onthe flank of an untested salt diapir, located on the margins of theprolific Central Graben. This attractive prospect has many analoguesin the North Sea and is located approximately 15 kilometres east ofthe Ula and Gyda Jurassic oil fields.Faroe previously announced that it has farmed out 15% of PL405 andPL405B to Spring Energy in exchange for carrying part of Faroe'sexploration well costs. The transaction is subject to approval bythe Norwegian Authorities. The other partners are Centrica (40% andoperator) and Petro-Canada (30%).Graham Stewart, Chief Executive of Faroe Petroleum, commented:"I am very pleased with the progress we are making in our Norwegianbusiness. In line with our strategy of partnering with major oilcompanies, we have matured two additional prospects from the licenceapplication stage to making firm drilling decisions. T-Rex and Butchare both exciting prospects, and add further to the alreadyconsiderable potential in our business."With the two additional Norwegian wells, Faroe's programme of firmwells increases from seven to nine: four in the UK West of Shetland,one in the Faroe Islands and now four in Norway. All Norwayexploration costs benefit from a 78% rebate from the State, andaccordingly the programme remains funded from existing sources. Wewill commence shortly with the drilling of two high impact wells inthe West of Shetland area, Glenlivet and Tornado. Both wells areexpected to commence soon with further announcements to be made indue course." - Ends -EnquiriesFaroe Petroleum plcGraham StewartTel: +44 1224 650 920Panmure GordonKatherine Roe/Ashton ClanfieldTel: +44 20 7459 3600Financial DynamicsBilly Clegg/Edward WestroppTel: +44 20 7831 3113Andrew Roberts, who is a Geophysicist (BSc. Joint Honours in Physicsand Chemistry from Manchester University), Exploration Manager ofFaroe Petroleum Norge AS and who has been involved in the energyindustry for more than 25 years, has read and approved the technicaldisclosure in this regulatory announcement.Notes to EditorsThe Company is actively building a balanced portfolio of operated andnon-operated exploration and appraisal properties, with significantstakes and an active work programme. Faroe Petroleum has throughsuccessive licence applications and acquisitions built a substantialportfolio of exploration, appraisal and development assets across theAtlantic Margin, the UK and Norwegian North Sea and the NorwegianSea. The licence portfolio provides considerable spread of risk andreward, encompassing nearly 50 licences with eight licences West ofShetlands, six licences offshore the Faroe Islands, two licences inthe Moray Firth area of the UK Central North Sea, nine licences inthe Southern gas basin and 21 licences in the Norwegian North Sea,Norwegian Sea and Barents Sea. In addition Faroe has interests infive producing oil and gas fields in the UK and Norway. FaroePetroleum joint venture partners include BP, Chevron, ConocoPhillips,DONG, DSM, Eni, E.ON Ruhrgas, GDF, OMV, RWE Dea, Shell and Statoilall of which have an outstanding track record in oil and gasexploration and development.Faroe Petroleum is quoted on the AIM Market of the London StockExchange with offices in Aberdeen, Stavanger and Torshavn. TheCompany has a highly experienced team of professionals focused oncreating exceptional value for its shareholders.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 19.08.2009 - 08:01 Uhr
Sprache: Deutsch
News-ID 4849
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