29 September 2009
Faroe Petroleum plc ("Faroe", the "Company")
Drilling of west of Shetland Tornado exploration well commences
Faroe Petroleum plc, the independent oil and gas company focusing
principally on exploration, appraisal and undeveloped field
opportunities in the Atlantic margin, the North Sea and Norway, is
pleased to announce that drilling has commenced on the Tornado
prospect (Faroe 7.5% working Interest), west of Shetlands.
Tornado is an oil prospect, located 130 km west of the Shetlands
Islands in 1,100m of water adjacent to the undeveloped BP-operated
Suilven field, and within tie-back distance of the producing
Schiehallion oil field.
Faroe was awarded the Tornado interest under the UKCS 22nd Licensing
Round and in May 2007 farmed down on promoted terms half of its 20%
interest to Idemitsu E&P UK Limited. This was in line with Faroe's
strategy of farming-out the majority of drilling costs to reduce its
cost exposure whilst retaining material remaining interests.
Following the farmout, Faroe holds a 10% interest in Block P.1190
(Block 204/13) which represents a 7.5% working interest in the
Tornado prospect under the terms of a joint activity agreement with
the adjacent licence holders (P.1262, Block 204/14b).
The drilling operation is to be undertaken by the operator OMV (UK)
Ltd using the Stena Carron drillship.
Graham Stewart, Chief Executive of Faroe Petroleum commented:
"We are very pleased to announce the start of the drilling operations
on the Tornado prospect. Tornado is the second well to be drilled in
the firm five-well Atlantic Margin exploration drilling programme
which Faroe is undertaking, and follows on from our very recent
Glenlivet discovery which is currently being appraised with a
"Following Tornado, we are scheduled to drill three further high
impact exploration wells in the Atlantic margin, namely the Anne
Marie oil prospect in the Faroes (operated by Eni), the Cardhu oil
prospect in the UK (operated by BP) and the Lagavulin oil prospect in
the UK (operated by Chevron)".
Faroe Petroleum plc
Tel: +44 1224 650 920
Tel: +44 20 7459 3600
Billy Clegg/Edward Westropp
Tel: +44 20 7831 3113
---END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.