Discovery from Tornado exploration well, west of Shetland
(Thomson Reuters ONE) - 14 October 2009 Faroe Petroleum plc ("Faroe", the "Company") Discovery from Tornado exploration well, west of ShetlandFaroe 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 a discovery at the Tornado exploration prospect,West of Shetland, (Faroe 7.5% working Interest).OMV as operator for the licence has completed the drilling of theTornado exploration well 204/13-1 located approximately 10km northwest of the Suilven discovery and 30km northwest of the Schiehallion,Foinaven and Loyal producing fields.The well discovered gas and oil in Tertiary reservoir sandstones andextensive data collection is currently underway. The thickness andquality of the reservoir is in line with pre-drill prognosis. Asidetrack is being planned to delineate the discovery andcategorically determine hydrocarbon fluid types and overall size.This well was drilled to a true vertical depth of 2743m in the LambaFormation. The water depth at this location is 1048 metres and thewell was drilled by the Stena Carron drillship as a cost sharingendeavour between production licences P.1190 and P.1262.The participants in the well are OMV - operator 35%, Dana Petroleum30%, Dong Energy 20%, Faroe Petroleum 7.5%, and Idemitsu E&P 7.5%.Graham Stewart, Chief Executive of Faroe Petroleum commented:"We are very pleased to announce the successful outcome of thisexploration well. Tornado is Faroe's second Atlantic Marginexploration success, following within a month of the Glenlivetdiscovery, and we look forward to providing a further update on theresults of the Tornado well analysis in the near future"."The Tornado well is the second of a firm five-well Atlantic Marginexploration drilling programme which Faroe is undertaking over thecoming months. The first well in the programme, operated by DONG,made a signifiicant discovery, the Glenlivet gas field, which iscurrently being appraised. We are scheduled to drill three furthervery high impact exploration wells, the Anne Marie oil prospect inthe Faroes (operated by Eni), the Cardhu oil prospect in the UK(operated by BP) and the Lagavulin oil prospect in the UK (operatedby Chevron)". - Ends -EnquiriesFaroe Petroleum plcGraham StewartTel: +44 1224 650 920Panmure GordonAshton ClanfieldTel: +44 20 7459 3600Financial DynamicsBilly Clegg/Edward WestroppJames 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 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: 14.10.2009 - 08:23 Uhr
Sprache: Deutsch
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