Successful side track on Glenlivet discovery
(Thomson Reuters ONE) - 3 November 2009 Faroe Petroleum plc ("Faroe", the "Company") Glenlivet discovery - successful second side track appraisal wellAs a 10% partner in the DONG E&P UK operated licence P1195(Glenlivet), Faroe Petroleum plc, the independent oil and gas companyfocusing principally on exploration, appraisal and undeveloped fieldopportunities in the Atlantic margin, the North Sea and Norway, ispleased to announce the results of the second side track appraisalwell on the recent Glenlivet gas discovery, West of Shetland. Thissecond side track was successfully drilled and has confirmed the downdip lateral extent of the high quality gas bearing reservoir.The second sidetrack was drilled to acquire samples from the waterzone, which will provide important information for the potentialfuture field development. A water sample has been successfullyacquired and together with pressure data, the down dip lateral extentof the gas bearing reservoir has been determined. Glenlivet is aPalaeocene gas discovery and the drilling of 214/30a-2 main bore andsidetracks has been successfully completed by the operator DONG E&PUK (80%) and partners Faroe Petroleum (10%) and First Oil Expro (10%)using the Transocean Rather semi-submersible drilling rig and anextensive data gathering programme has been successfully implemented.Graham Stewart, Chief Executive of Faroe Petroleum commented:"We are very pleased to report the successful outcome of the secondside track appraisal well, which has confirmed the down dip extent ofthe Glenlivet discovery and re-confirmed the scale and quality of thereservoir . The Glenlivet well was the first of a firm five-wellAtlantic Margin exploration drilling programme which Faroe isundertaking over the coming months."On 14 October, Faroe announced the discovery of oil and gas in thesecond well in the programme on the Tornado prospect, operated byOMV, located close to BP's producing Schiehallion field. FollowingTornado we are scheduled to drill three further high impactexploration wells, the Anne Marie oil prospect in the Faroes(operated by Eni), the North Uist/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 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: 03.11.2009 - 12:33 Uhr
Sprache: Deutsch
News-ID 7838
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