Faroe Petroleum PLC FPM Results of Spaniards exploration well

  Faroe Petroleum PLC (FPM) - Results of Spaniards exploration well

RNS Number : 3854Q
Faroe Petroleum PLC
06 November 2012




6 November 2012



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

                                      

                    Results of Spaniards exploration well

                                      

Faroe Petroleum, the independent oil  and gas company focusing principally  on 
exploration, appraisal and  production opportunities in  the Atlantic  margin, 
the North  Sea  and  Norway,  announces the  results  of  the  Spaniards  East 
exploration well (Faroe 8.4% - free carried).

The Spaniards East well was drilled in  UK block 15/21, reached a total  depth 
of 10,694 feet and encountered 75 feet of Jurassic sands which were water wet.
The well is now being plugged and abandoned.

The drilling operations were undertaken by Premier Oil as operator.

Faroe Petroleum had a  free-carried interest of 8.4%  in the well (carried  by 
Premier, Cairn and Serica) and was not required to make any cash  contribution 
to the dry-hole cost of this well.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

"Although the Spaniards East well carried a reasonably high level of risk,  we 
agreed to participate, given the upside potential in the event of success, and
the fact the well was drilled at no cost to Faroe Petroleum."



"The paying partners approached  Faroe, as part of  the Perth group, to  drill 
the Spaniards  East prospect  on a  Faroe held  licence located  close to  the 
undeveloped Perth oil field (Faroe 33.4%). Although the well was unsuccessful,
the partnership has gained useful data  from the well, which will further  our 
regional knowledge."

"In the  meantime,  Faroe will  be  participating  in a  very  active  ongoing 
drilling programme in 2013 and we also await the results from the BP  operated 
North Uist exploration well, west of Shetland."

                                      

                                   - Ends -



For further information please contact:

                                                  

Faroe Petroleum plc            Tel: +44 1224 650 920

Graham Stewart, CEO                                


Panmure Gordon (UK) Limited   Tel: + 44 20 7886 2500

Katherine Roe/Callum Stewart                       


Oriel Securities Limited       Tel: +44 20 7710 7600

Michael Shaw/Ashton Clanfield


FTI Consulting                 Tel: +44 20 7831 3113

Billy Clegg/Edward Westropp





Ian Wilson, Exploration Manager U.K. of  Faroe Petroleum and a Geologist  (PhD 
in Earth Sciences  from University  of Leeds), who  has been  involved in  the 
energy industry 25 years,  has read and approved  the technical disclosure  in 
this regulatory announcement.



Notes to Editors

The Company  has, through  successive licence  applications and  acquisitions, 
built a  substantial  portfolio  of exploration,  appraisal,  development  and 
production assets across the Atlantic Margin,  the UK and Norwegian North  Sea 
and the Norwegian Sea. Faroe has extensive experience working with major  oil 
companies and its joint venture partners include BP, Chevron, DONG, ENI,  E.ON 
Ruhrgas, GDF, OMV, RWE Dea, Statoil and Wintershall.



The Company's  licence  portfolio provides  considerable  spread of  risk  and 
reward, encompassing over 50 licences located in the Atlantic margin (West  of 
Shetlands), the UK North Sea and  Norway. In addition Faroe has interests  in 
10 producing oil and gas fields in  the UK and Norway, including interests  in 
the Blane oil field in the UK  and the Brage, Hyme, Njord, Ringhorne East  and 
Jotun oil and gas fields in Norway.



Faroe Petroleum plc is quoted on the  AIM Market of London Stock Exchange  plc 
with offices in Aberdeen, Stavanger, London and Torshavn. The Company is  well 
financed with a fully funded drilling  programme and has a highly  experienced 
technical team at the leading  edge of seismic and geological  interpretation, 
reservoir engineering and field  development, focused on creating  exceptional 
value for its shareholders.

                                      

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


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