Tornado side-track result
(Thomson Reuters ONE) - 2 November 2009 Faroe Petroleum plc ("Faroe", the "Company") Successful side-track appraisal well on Tornado discovery, 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 the completion of the side-track well drilled onthe Tornado discovery, West of Shetland, (Faroe 7.5% workingInterest).OMV, as operator for the licence, has completed the drilling of theside-track to the Tornado discovery well. The side-track was drilledto a true vertical depth of 8654 feet in the Lamba Formation. Thewater depth at this location is 1048 metres and the well was drilledby the Stena Carron drillship as a cost sharing endeavour betweenproduction licences P.1190 and P.1262.The original well, 204/13-1, discovered gas and oil in Tertiaryreservoir sandstones which are approximately 90 feet thick, withaverage porosity of 28.5%. The side-track well, 204/13-1Z, drilledapproximately 120 feet of sandstone with average porosity of 29%. The thickness, quality and extent of the reservoir are in line withpre-drill prognosis.The gas-oil contact which was penetrated in the original well wasencountered in the side-track at the same depth. An oil-watercontact was penetrated in the side-track consistent with the oilcolumn observed in the original well. Extensive sampling of thefluids has been undertaken.The Tornado discovery is located approximately 10km northwest of theSuilven discovery and 30km northwest of the Schiehallion, Foinavenand Loyal producing oil fields. The participants in the well are OMV35% and operator, Dana Petroleum 30%, Dong Energy 20%, FaroePetroleum 7.5%, and Idemitsu E&P 7.5%.Graham Stewart, Chief Executive of Faroe Petroleum commented:"We are very pleased to report the successful outcome of theside-track appraisal well, which has reconfirmed the presence of asignificant accumulation of hydrocarbons and, based on thepreliminary logging data, the results exceed the prognosed nethydrocarbon column and has found better than predicted reservoirquality. With the benefit of the substantial data we now have,further extensive analysis will be undertaken in the coming months todetermine the optimum means of exploiting this exciting discovery. The Tornado discovery also has a positive and exciting impact onFaroe's 100% held L002 (Faroe) and P1552 (UK) licences, on which weare now commencing a new programme of analysis with the benefit ofthe substantial new Tornado data."Tornado 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, announced inOctober, made a significant discovery, the Glenlivet gas field, whichis currently being appraised. We are scheduled to drill threefurther very 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 GordonDominic MorleyAshton 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 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: 02.11.2009 - 11:22 Uhr
Sprache: Deutsch
News-ID 7755
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