Faroe Petroleum Plc Regulatory News (FPM)

5 Nov 2007 14:07

Faroe Petroleum PLC05 November 2007 05 November 2007 Faroe Petroleum plc ("Faroe Petroleum", "Faroe" or the "Company") Breagh Well Update •Encountered Carboniferous section as per prognosis •Significant gas shows •Flow test results due mid-November Faroe Petroleum, the independent oil and gas company focusing principally onexploration in the Atlantic Margin, the North Sea and Norway, is pleased toannounce that the Southern North Sea Breagh well (42/13-3) in which the Companyhas a 10 percent interest, reached total depth of 8,047-feet measured depth onFriday, 2 November. The Carboniferous section was encountered on prognosis with the upper reservoirsection drilled with good indications of sand and significant gas shows,subsequently confirmed by open-hole logs. Preliminary log analysis indicates agross gas column of 400 feet and a possible gas-water contact in line with theoriginal 42/13-2 discovery well. The forward plan is to run a 7 inch liner and flow test the well with theseresults expected mid-November. Graham Stewart, Chief Executive of Faroe Petroleum, said: "We are very pleased with today's news and we look forward to the results fromthe flow test later this month." Ends Enquiries: Faroe Petroleum plcGraham StewartTel: 01224 652 810gstewart@faroe-petroleum.com Financial DynamicsJonathon Brill/Billy Clegg/Edward WestroppTel: 0207 269 7157billy.clegg@fd.com Note David Ramsay, who is a Petroleum Engineer (MEng degree in Petroleum Engineeringfrom Heriot-Watt university (1991)), Asset Manager at Faroe Petroleum and whohas been involved in the energy industry for more than 18 years, has read andapproved the technical disclosure in this regulatory announcement. Notes to Editors The Company is actively building a balanced portfolio of operated andnon-operated exploration and appraisal properties, with significant stakes andan active work programme. Faroe Petroleum has through successive licenceapplications and acquisitions built a substantial portfolio of exploration andappraisal assets in the Atlantic Margin, the UK and Norwegian North Sea andNorwegian Sea. The 34 licence portfolio provides considerable spread of risk andreward, encompasses eight licences West of Shetlands, five licences offshore theFaroe Islands, seven licences in the Moray Firth area of the UK Central NorthSea, seven licences in the Southern gas basin and seven licences in theNorwegian North Sea and Norwegian Sea. The Company operates five of its AtlanticMargin licences and four of its North Sea licences. Faroe Petroleum jointventure partners include BP, Chevron, ConocoPhillips, DONG, DSM, Eni, E.ONRuhrgas, GDF, Oilexco, OMV, RWE, Shell and Statoil all of which have anoutstanding track record in oil and gas exploration and development. Faroe Petroleum is quoted on the Alternative Investment Market (AIM) of theLondon Stock Exchange and has its headquarters in Aberdeen, UK. Faroe Petroleumhas a highly experienced team of professionals focused on creating exceptionalvalue for its shareholders. The company recently enhanced its capability throughthe establishment of a new Norway based team in Stavanger, designed tocapitalise on the significant opportunities in that region; most of this newteam joined Faroe from Paladin Resources Norge following Paladin's acquisitionby Talisman in 2006. This information is provided by RNS The company news service from the London Stock Exchange