Drilling of west of Shetland Tornado exploration well commences
(Thomson Reuters ONE) - 29 September 2009 Faroe Petroleum plc ("Faroe", the "Company") Drilling of west of Shetland Tornado exploration 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 Tornadoprospect (Faroe 7.5% working Interest), west of Shetlands.Tornado is an oil prospect, located 130 km west of the ShetlandsIslands in 1,100m of water adjacent to the undeveloped BP-operatedSuilven field, and within tie-back distance of the producingSchiehallion oil field.Faroe was awarded the Tornado interest under the UKCS 22nd LicensingRound and in May 2007 farmed down on promoted terms half of its 20%interest to Idemitsu E&P UK Limited. This was in line with Faroe'sstrategy of farming-out the majority of drilling costs to reduce itscost exposure whilst retaining material remaining interests.Following the farmout, Faroe holds a 10% interest in Block P.1190(Block 204/13) which represents a 7.5% working interest in theTornado prospect under the terms of a joint activity agreement withthe adjacent licence holders (P.1262, Block 204/14b).The drilling operation is to be undertaken by the operator OMV (UK)Ltd using the Stena Carron drillship.Graham Stewart, Chief Executive of Faroe Petroleum commented:"We are very pleased to announce the start of the drilling operationson the Tornado prospect. Tornado is the second well to be drilled inthe firm five-well Atlantic Margin exploration drilling programmewhich Faroe is undertaking, and follows on from our very recentGlenlivet discovery which is currently being appraised with aside-track well."Following Tornado, we are scheduled to drill three further highimpact exploration wells in the Atlantic margin, namely the AnneMarie oil prospect in the Faroes (operated by Eni), the Cardhu oilprospect in the UK (operated by BP) and the Lagavulin oil prospect inthe UK (operated by Chevron)". Ends -EnquiriesFaroe Petroleum plcGraham StewartTel: +44 1224 650 920Panmure GordonAshton ClanfieldTel: +44 20 7459 3600Financial DynamicsBilly Clegg/Edward WestroppTel: +44 20 7831 3113---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.09.2009 - 10:18 Uhr
Sprache: Deutsch
News-ID 6347
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