FAROE PETROLEUM - Big Exploration Acreage - Big upside?

A reminder on a couple of the more recent interesting posts from end of 2005....

Farm-in to 2006 Brugdan Well

RNS Number:3764V
Faroe Petroleum PLC
08 December 2005

8 December 2005

Faroe Petroleum plc
("Faroe Petroleum" or "the Company")

Farm-in to 2006 Faroes Brugdan Well

Faroe Petroleum plc, the AIM listed oil and gas company focusing on exploration,
appraisal and undeveloped field opportunities in the Atlantic margin and the
North Sea, is pleased to announce that it will participate in the Brugdan well
which is to be drilled during summer 2006 on Licence 006 in the Faroes.

As licence-holder in four further Faroese licences, Faroe Petroleum will gain
access to significant new geological data from this first sub-basalt well to be
drilled offshore the Faroes. Faroe Petroleum has secured the opportunity to
participate on favourable terms, and will hold a 4.04 per cent. equity stake in
the licence.

The existing participants in Licence 006 are Statoil Faeroyene A/S (operator),
Shell (Enterprise Oil Exploration Limited) and Dong Foroyar P/F.

Graham Stewart, Chief Executive of Faroe Petroleum, said:

"We are very pleased to be participating in the Brugdan well project. It will
give us high impact exposure at low cost and will significantly help us to
unlock the regional geology to the benefit of our other higher equity Faroes
licences."

Ends

SWalker - 8 Dec'05 - 15:59 - 24 of 52


Nice bounce on the news of a farm in to Brugdan well drilling in Summer 06:



What they gain in tersm of firming up data is as, if not more, important than the outcome of Brugdan.

New Wildcat Off the Faroes to be Drilled by Statoil
Friday, December 09, 2005
Latest Oilvoice Headlines

A sub-basalt exploration well is to be drilled by Statoil on the Brugdan prospect in licence 006 off the Faroe islands next summer.

This operation will be carried out by the semi-submersible Stena Don, which is currently on charter to Statoil in Norway.
The partners in licences 003 and 001, operated by Statoil and Amerada Hess respectively, have signed an agreement to farm into the Statoil-operated 006 licence.
They have been allowed by the Faroese Petroleum Administration to offset their drilling commitments in licences 003 and 001 by participation in the planned wildcat.

“We’re very satisfied to have reached agreement with our partners and the Faroese authorities on drilling this well,” says Gregory T Himes.
He is Statoil’s vice president for the former Soviet Union and Europe in the global exploration cluster of the International Exploration & Production business area.
"The Brugdan prospect has provided a real technical challenge for the explorationists trying to interpret beneath very thick sections of volcanic rock," says Mr Himes.

This drilling target is about 70 kilometres from the nearest well discovery, Rosebank, but he emphasises that the geology could be completely different.
Statoil has a 30 per cent interest in Rosebank, which is operated by Chevron.
The Brugdan well will be drilled to a total depth of about 3,780 metres below sea level, in roughly 450 metres of water.
Statoil has 27.15 per cent of licence 006, which is one of its four operatorships on the Faroese continental shelf.

Its partners in licence 006 are DONG with 21.91 per cent, Anadarko 13 per cent, Enterprise Oil (Shell) 12.47 per cent, Amerada Hess 11.09 per cent, BG group 10.31 per cent, Faroe Petroleum 4.04 per cent and Atlantic Petroleum 0.03 per cent.