29th Apr 2008 16:37
Faroe Petroleum PLC29 April 2008 29 April 2008 Faroe Petroleum plc ("Faroe Petroleum", "Faroe" or the "Company") Yoda well result Faroe Petroleum (FPM.L), the independent oil and gas company focusingprincipally on exploration, appraisal and development in the Atlantic Margin,the North Sea and Norway, announces the completion of drilling operations on theYoda exploration well 7/1-2S in license PL271 in Norway. The well wassuccessfully drilled to a depth of 3,115 metres, but did not encounterhydrocarbons. The well was drilled safely and within budget, and at a modestcost to the Company. Although Yoda did not yield a positive result, there is further remainingprospectivity on the licence in the Agira prospect and a number of Triassicprospects. This potential is not affected by the outcome on Yoda and will beevaluated further in order to mature possible drilling targets. The Joint Venture Partners in both Norwegian licences are Faroe Petroleum (15%),StatoilHydro (40% and Operator), Talisman (30%) and Noreco (15%). Faroe secured its interest in Licences PL271 and PL302, which contain the Yodaprospect, earlier in the year. The Company holds interests in 47 licences intotal in its portfolio, of which 20 are in Norway. Commenting on the result, Graham Stewart, Chief Executive of Faroe Petroleum,said: "We are disappointed that this well has not delivered a positive result,however, we are pursuing our exploration strategy on a portfolio basis, in orderto mitigate risk. The Company is participating in an exciting, fully fundedprogramme of more than 20 wells over the next 20 months alone, comprisingexploration, appraisal and development wells in Norway, the UK and the AtlanticMargin. We look forward to updating the market on further drilling progress inthe near term." Ends Enquiries:Faroe Petroleum plcGraham StewartTel: 01224 652 [email protected] Panmure GordonKatherine RoeTel: 020 7459 [email protected] Financial DynamicsBilly Clegg/Edward WestroppTel: 020 7831 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Faroe Petroleum Plc