25th Mar 2008 09:14
Faroe Petroleum PLC25 March 2008 25 March 2008 Faroe Petroleum plc ("Faroe Petroleum", "Faroe" or the "Company") Announces commencement of drilling on licence block PL271 on the Yoda Oil Prospect ('Yoda') in Norway Faroe Petroleum, the independent oil and gas company focusing principally onexploration, appraisal and development in the Atlantic Margin, the North Sea andNorway, is pleased to announce that drilling has commenced on Norwegian LicencePL271 of which Faroe has a 15% interest Yoda Oil Prospect (Faroe 15%) The Yoda target is an attractive oil prospect located in the Norwegian SouthernNorth Sea. The Yoda prospect is a four-way dip closure within the Upper JurassicUla sandstone interpod play, proven by a number of producing fields in the area(e.g. Ula, Gyda, Rev). The Yoda Prospect is being drilled by joint venture partner and operator,StatoilHydro using the Maersk Giant rig. The drilling and contingent testingoperations are expected to take approximately 73 days. In addition to the Yodaprospect, there is significant additional upside potential in the licences. Thenearby Vader and Agira prospects are two further Upper Jurassic prospects, and asuccessful exploration well in Yoda will significantly de-risk this additionalexploration potential. Licences PL271 and PL302 are located close toinfrastructure both on the Norwegian and UK side of the border. Graham Stewart, Chief Executive of Faroe Petroleum, commented: "We are very pleased to report the commencement of drilling on the Yodaprospect; this is directly in line with the Company's stated strategicobjectives of building a strong portfolio of licenses in Norway andparticipating in high potential exploration wells. "We look forward to updating the market as to Yoda's progress in due course." Enquiries:Faroe Petroleum plcGraham StewartTel: 01224 650 [email protected] Panmure GordonKatherine RoeTel: 020 7459 [email protected] Financial DynamicsBilly Clegg/Edward WestroppTel: 020 7831 [email protected] Andrew Roberts, who is a Geophysicist (BSc. Joint Honours in Physics andChemistry from Manchester university), exploration manager of Faroe PetroleumNorge AS and who has been involved in the energy industry for more than 25years, has read and approved the technical disclosure in this regulatoryannouncement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Faroe Petroleum Plc