4th Jun 2007 07:02
Petrofac Limited04 June 2007 4 June 2007 PETROFAC LIMITED ("PETROFAC") INVESTMENT IN AUSTRALIAN INTEREST Petrofac, the international oil & gas facilities service provider, announcesthat its Resources division has farmed into 10% of Permit NT/P68, 300 km NNW ofDarwin in Australian waters. MEO Australia Limited, which is listed on theAustralian Securities Exchange (symbol: MEO), owns the remaining 90% of thepermit. The investment is conditional upon, inter alia, the approval of theassignment by the relevant governmental authorities. Permit NT/P68 extends over an area of 12,070 km(2) and within it the Heron-1well was drilled in 1972 and had several interpreted hydrocarbon bearing zones,the most significant being in the Darwin Formation. The terms of the farm-inrequire funding a portion of two appraisal wells to be drilled in 2007. Petrofacwill become operator for any follow-on delineation, development and productionperiods. Subject to the results of the appraisal programme, it is anticipated that theaccumulations in the block may be of sufficient size to be commercialised eitherby pipeline to the mainland or to the Tassie Shoal LNG project. Amjad Bseisu, Chief Executive of Petrofac Resources, said "This farm-incommitment provides Petrofac with a low risk opportunity to gain an operatorposition in a potentially significant offshore development which may incorporatean LNG facility. We look forward to bringing our engineering and operatingcapabilities to this exciting development." Ends For further information contact: Petrofac Limited +44 (0) 20 7811 4900Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerJonathan Low, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232Ann-marie WilkinsonOlly Scott Notes to Editors Petrofac Petrofac is a leading international provider of facilities solutions to the oil& gas production and processing industry, with a diverse customer portfolioincluding many of the world's leading integrated, independent and national oil &gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) andis a constituent of the FTSE 250 Index. Through its three divisions, Engineering & Construction, Operations Services andResources, Petrofac designs and builds oil & gas facilities; operates, maintainsor manages facilities and trains personnel; and, where return criteria are metand service revenue synergies identified, co-invests with clients and partners.Petrofac's range of services allows it to help meet its customers' needs acrossthe life cycle of oil & gas assets. With more than 9,000 employees, Petrofac operates out of four strategicallylocated international centres, in Aberdeen, Sharjah, Woking and Mumbai and afurther 16 offices worldwide. The predominant focus of Petrofac's business is onthe UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth ofIndependent States (CIS) and the Asia Pacific region. For additional information, please refer to the Petrofac website atwww.petrofac.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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