Glenlivet discovery - successful side track appraisal well
(Thomson Reuters ONE) - 30 September 2009 Faroe Petroleum plc ("Faroe", the "Company") Glenlivet discovery - successful side track appraisal well and decision to drill a second side trackAs a 10% partner in the DONG E&P UK operated licence P1195, FaroePetroleum 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 results of the side track appraisal well onthe recent Glenlivet gas discovery, West of Shetland.The side track was successfully drilled and confirmed the lateralextent of the high quality gas bearing reservoir. Based on thepreliminary logging data, the results exceed the prognosed net gascolumn and reservoir quality.The partnership has decided to drill a second side track appraisalwell.Glenlivet is a Palaeocene gas discovery, and the 214/30a-2 well wasdrilled by the operator DONG E&P UK (80%) and partners FaroePetroleum (10%) and First Oil Expro (10%) using the Transocean Rathersemi-submersible drilling rig. The well was drilled in a water depthof 1,430 feet and reached total depth of 7,654 feet measured depth onFriday, 11 September 2009.Graham Stewart, Chief Executive of Faroe Petroleum commented:"We are very pleased to report the successful outcome of the sidetrack appraisal well, which has reconfirmed the presence of asignificant accumulation of hydrocarbons and based on the preliminarylogging data, the results exceed the prognosed net gas column and predicted reservoir quality."The Glenlivet well is the first of a firm five-well Atlantic Marginexploration drilling programme which Faroe is undertaking over thecoming months. On Tuesday 29 September, Faroe announced the spud ofthe second well in the programme, operated by OMV, which will testthe 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 GordonAshton 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 announcementNotes 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 19 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'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: 30.09.2009 - 08:02 Uhr
Sprache: Deutsch
News-ID 6391
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