West of Shetland Glenlivet well commences
(Thomson Reuters ONE) - 24 August 2009 Faroe Petroleum plc ("Faroe", the "Company") West of Shetland Glenlivet well commencesFaroe 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 drilling has commenced on the Glenlivetprospect (Faroe 10%), west of Shetlands.Glenlivet is a large Palaeocene gas prospect in a proven play,situated approximately 15 kilometres from the proposed Laggan gasexport pipeline to Sullom Voe in the Shetland Islands. The prospectis an analogue to other undeveloped gas discoveries in the vicinity.A discovery at Glenlivet could become a significant part of theplanned new UK gas gathering system for the West of Shetland area,for which the Total operated Laggan field is the focal point.Glenlivet operator DONG E&P (UK) Ltd ("DONG E&P") is also a 20%equity partner within the Laggan field development project.Faroe acquired the Glenlivet interest in 2008 through a like for likeswap arrangement with DONG E&P where Faroe exchanged 10% of Faroe'sGlenshee licence (covering West of Shetlands blocks 217/21,22,26 and216/30) for 10% of DONG E&P's Glenlivet licence (block 214/30).The drilling operation, to be undertaken by the operator DONG E&Pusing the Transocean Rather semi-submersible drilling rig, isexpected to take approximately 40 days.Graham Stewart, Chief Executive of Faroe, commented:"The Glenlivet well is an exciting high impact exploration prospectfrom our strategically significant West of Shetland acreage and ispart of a 2009 two well drilling programme which Faroe is currentlyundertaking in this area. The other west of Shetland well we arescheduled to drill this year is the Tornado exploration well, whichis expected to commence in the next few weeks, upon which a furtherannouncement will be made in due course."These two wells are part of Faroe's firm and funded nine wellexploration programme to be drilled over the next 24 months". - Ends -EnquiriesFaroe Petroleum plcGraham StewartTel: +44 1224 650 920Panmure GordonKatherine Roe/Ashton ClanfieldTel: +44 20 7459 3600Financial DynamicsBilly Clegg/Edward WestroppTel: +44 20 7831 3113James Jordan, who is a Geophysicist (with a BSc and MSc in Geologyfrom University College London), is Faroe Petroleum's ExplorationManager for UK and the Faroe Islands and who has been involved in theenergy industry for more than 19 years, has read and approved thetechnical disclosure in this regulatory announcement.Notes to EditorsThe Company is actively building a balanced portfolio of exploration,appraisal and production properties, with significant stakes and anactive work programme. Faroe Petroleum has through successivelicence applications and acquisitions built a substantial portfolioof exploration, appraisal, development and production assets acrossthe Atlantic 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 interests in the UK and Norway. FaroePetroleum's joint venture partners include BP, Chevron,ConocoPhillips, DONG, DSM, Eni, E.ON Ruhrgas, GDF, OMV, RWE Dea,Shell and Statoil all of which have an outstanding track record inoil and gas exploration 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: 24.08.2009 - 08:01 Uhr
Sprache: Deutsch
News-ID 4986
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