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
"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
DRLDBBDBCBGBGDU -0- Nov/06/2012 07:08 GMT
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