Production Update: Topaz Gas Field on Stream and Trym Swap Completed
(Thomson Reuters ONE) - 19 November 2009 Faroe Petroleum plc ("Faroe", the "Company")Production Update: Topaz Gas Field on Stream and Trym Swap CompletedFaroe Petroleum, the independent oil and gas company focusingprincipally on exploration, appraisal and undeveloped fieldopportunities in the Atlantic margin, the North Sea and Norway, ispleased to provide a production update following first gas from Topazand the completion of the acquisition of interests in the producingGlitne and Enoch oil fields.Topaz Gas Field on StreamProduction has successfully commenced from the Topaz gas field,located in the UK Southern Gas Basin, in which Faroe holds a 7.5 percent working interest. Commissioning tests continue and the well isnot yet operating at full choke. The expected initial production rateis 30 million standard cubic feet of gas per day (mmscf/d) whichcorresponds to approximately 5,000 barrels of oil equivalent (boe),equivalent to 375 boe net to Faroe.The Topaz gas field (RWE Dea UK SNS Limited 57.5% and operator, GDFSUEZ E&P UK Ltd 35%), is tied back subsea to the Schooner gas fieldplatform, in which Faroe also holds a 4.83% interest. The Topaz basecase gross reserves are estimated to be approximately 20 bcf (1.5bcfnet to Faroe).Trym Swap CompletedFaroe has completed the exchange with DONG E&P Norge AS ("DONG") ofits 10% interest in the Trym development for:* a 9.3 per cent interest in the producing Norwegian Glitne oil field;* a 1.86 per cent interest in the producing Enoch field (located on the Norway/UK median line);* cash of NOK 78.3m (£8.3m) of which £2 million is by way of initial consideration and the balance the net proceeds of sale (pre-tax) since the effective date of 1 January 2009; and* a further amount up to £2 million is payable by DONG to Faroe upon certain production targets being met by the Trym FieldCombined current gross production from the Glitne and Enoch fieldsover the year to date has averaged 12,000 boepd, corresponding tonet production to Faroe of around 700 boepd. Both fields have thepotential for increased production with further field investment.Graham Stewart, Chief Executive of Faroe, commented:"We are pleased to announce first gas from the Topaz Gas Field andcompletion of our swap deal with DONG to add interests in theproducing Glitne and Enoch oil fields in Norway. These three fieldstogether with the Company's existing UK Schooner and Wissey gasfields have taken Faroe's overall production over the 2,000 boepdlevel.""This is an exciting period for the Company, with increasingproduction contributing towards the cost of the Company's continuingexploration programme. Following our two recent back to backsignificant discoveries in the west of Shetland area, Glenlivet andTornado, we look forward to drilling a further five, high impactexploration and appraisal wells scheduled for the next 12 months,three in the Atlantic Margin and two in Norway." - Ends -EnquiriesFaroe Petroleum plcGraham StewartTel: +44 1224 650 920Panmure GordonAshton Clanfield/Dominic MorleyTel: +44 20 7459 3600Financial DynamicsBilly Clegg/Edward WestroppTel: +44 20 7831 3113Notes to EditorsJoran Austbo who is a Petroleum Engineer (Bsc in PetroleumEngineering from Stavanger University), of Faroe Petroleum Norge ASand who has been involved in the energy industry for more than 10years, has read and approved the technical disclosure in thisregulatory 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 20 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: 19.11.2009 - 10:01 Uhr
Sprache: Deutsch
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