Gas discovery from West of Shetland Glenlivet exploration well
(Thomson Reuters ONE) - 14 September 2009 Faroe Petroleum plc ("Faroe", the "Company") Gas discovery from West of Shetland Glenlivet exploration wellFaroe 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 the discovery of gas at the Glenlivet explorationwell, West of Shetland, (Faroe 10%) and the preliminary drillingresults.Highlights * Palaeocene reservoir encountered gas filled - preliminary log analysis indicating a net gas column of 201 feet. A gas water contact has not been encountered * The penetrated net reservoir section has excellent reservoir quality with high porosity and the permeability is also expected to be very high * Immediate appraisal of the discovery is being considered with the planning of a potential sidetrack well ongoing. The final decision on this operation is expected in the next 2 days * The Glenlivet discovery is located close to the planned UK west of Shetlands gas gathering system and Glenlivet has the potential to become significant part of this * The Glenlivet exploration well has so far been executed without incident, on time and on budget, by operator DongGlenlivet is a large Palaeocene gas prospect in a proven gas play,and the 214/30a-2 well was drilled by DONG E&P (UK) Ltd ("DONG E&P")using the Transocean Rather semi-submersible drilling rig. The wellwas drilled in a water depth of 1,430 feet and reached total depth of7,654 feet measured depth on Friday, 11 September 2009. ThePalaeocene reservoir was encountered close to prognosis, with theupper reservoir section drilled with good indications of a gas filledsand, which was subsequently confirmed by open-hole wireline logs. Preliminary log analysis indicates a net gas column of 201 feet andexcellent reservoir quality. The average porosity in the penetratedreservoir section is high and permeability is also expected to bevery high.Further analysis of the results is underway and the drilling of apotential immediate side track well on the discovery is currentlybeing evaluated by the partnership, with a decision expected in thenext two days. Whilst it is too early to assess the commerciality ofthe discovery, if proved to be commercial, Glenlivet could become asignificant part of the planned new UK west of Shetland gas gatheringsystem for which the Total-operated Laggan gas field is the focalpoint. Glenlivet is situated approximately 15 kilometres from theproposed Laggan gas export pipeline to Sullom Voe in the ShetlandIslands, and Glenlivet licence operator DONG E&P is also a 20% equitypartner within the Laggan development project. The Glenlivet licencealso contains another gas discovery, Laxford (Faroe 10%) and a numberof further potential exploration targets, all situated close to theGlenlivet discovery. Some of these additional opportunities may alsohave the potential to be commercialised through the planned new UKwest of Shetlands gas gathering system.Graham Stewart, Chief Executive of Faroe Petroleum commented:"We are very pleased to report the successful outcome of thisstrategically important exploration well. Glenlivet is Faroe's firstAtlantic Margin discovery and confirms the presence of a significantaccumulation of hydrocarbons in a high quality reservoir. We lookforward to providing a further update on the results of the Glenlivetwell analysis in the near future"."The Glenlivet well is the first of a firm five-well Atlantic Marginexploration drilling programme which Faroe is undertaking over thecoming months. The second well in the programme, operated by OMV, isscheduled to commence drilling by the end of September 2009 and willtest the Tornado oil prospect, located close to BP's producingSchiehallion field. Following Tornado we are scheduled to drillthree further high impact exploration wells, the Anne Marie oilprospect in the Faroes (operated by Eni), the Cardhu oil prospect inthe UK (operated by BP) and the Lagavulin oil prospect in the UK(operated by Chevron)". 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.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 14.09.2009 - 11:56 Uhr
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