Norwegian Marsvin well commences
4 September 2008
Faroe Petroleum plc ("Faroe Petroleum", "Faroe" or the "Company")
Norwegian Marsvin well commences
Faroe Petroleum, the independent oil and gas company focusing
principally on exploration in the Atlantic Margin, the North Sea and
Norway, is pleased to announce that drilling has commenced on the
Norwegian Licence PL289, well 3/7-7 (Faroe 14%), which holds the
significant Marsvin oil prospect.
The Licence is located in water depths of around 65 metres in
southern Norwegian waters on the border with Denmark and in close
proximity to Norwegian Licence PL147 which contains the Trym gas /
condensate field (Faroe 10%), which is progressing towards near term
development. The Marsvin target is a substantial Upper Jurassic oil
prospect, located on the south west flank of the Søgne Graben,
straddling the border between Norway and Denmark. The Joint Venture
Partners in this Norwegian licence are DONG (40% and operator),
Talisman (30%) and GDF Suez (16% interest).
The drilling operation, using the Maersk Guardian jack-up rig, is
expected to take around 80 days.
Graham Stewart, Chief Executive of Faroe Petroleum, commented:
"Marsvin is a further exciting prospect with significant resource
potential, which brings to three the number of North Sea wells we are
currently drilling. In addition to Marsvin we are currently drilling
the Topaz gas field appraisal well and the East Breagh exploration
well, both in the UK southern North Sea. The West Breagh appraisal
well is programmed to start drilling in mid September and three
further wells are scheduled to be drilled later in the year in
Norway: the Hyme exploration well; the South East Tor oil appraisal
well; and the Grosso exploration well. We look forward to updating
the market as we progress with our fully funded, drilling programme
of over 20 wells which has excellent potential to add significant
shareholder value."
Ends
Enquiries:
Faroe Petroleum plc
Graham Stewart
Tel: 01224 650 920
gstewart@faroe-petroleum.com
Panmure Gordon
Katherine Roe
Tel: 020 7459 3600
Katherine.roe@panmure.com
Financial Dynamics
Billy Clegg/Edward Westropp
Tel: 020 7831 3113
edward.westropp@fd.com
Andrew Roberts, who is a Geophysicist (BSc. Joint Honours in Physics
and Chemistry from Manchester university), Exploration Manager of
Faroe Petroleum Norge AS and who has been involved in the energy
industry for more than 25 years, has read and approved the technical
disclosure in this regulatory announcement.
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