10th May 2006 12:09
Faroe Petroleum PLC10 May 2006 10 May 2006 Faroe Petroleum plc ("Faroe Petroleum", "Faroe" or the "Company") Faroe Petroleum Commits to Faroes Well on the Anne Marie Prospect on Licence 005 Faroe Petroleum is pleased to announce that it has committed to drill anexploration well on the Anne Marie prospect on Licence 005 in the Faroes. Anne Marie will be targeted as one of several structural prospects on Licence005 which is located in a prominent structural trend offsetting the highlyprospective Corona Ridge. The Corona Ridge also contains both the recentRosebank/Lochnagar (Chevron) and the Cambo/Lindisfarne (Amerada Hess)discoveries. Considerable drilling activity is now scheduled to take place onsurrounding acreage in both the Faroes and the neighbouring west of Shetlandsarea during 2006 and 2007. The undrilled Licence 005 is held in a joint venture between Faroe Petroleum(25%) and Eni Denmark B.V. (75% and operator). Following the well commitment, the Faroes Ministry has extended the term ofLicence, and the joint venture will now commence preparation to drill the well. Graham Stewart, Chief Executive of Faroe Petroleum commented: "We are very pleased to have made this new well commitment which represents thethird firm well in Faroe Petroleum's ongoing drilling programme, starting in2006, and which we believe has the potential to yield significant value. Thisimportant step further highlights the unique opportunity Faroe Petroleum offersinvestors seeking direct exposure to the value potential of exploring in theAtlantic Margin region." - Ends - For further information please visit the Faroese Ministerial website at: http://www.jf.fo/Default.asp?sida=3035&tidindiiD=360 Enquiries: Faroe Petroleum plcGraham StewartTel: 01224 652 810 Financial DynamicsBilly Clegg/Edward WestroppTel: 020 7831 3113 Faroe Petroleum plc web site:www.faroe-petroleum.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Faroe Petroleum Plc