Faroe Petroleum Plc Regulatory News (FPM)

19 Nov 2007 07:02

Faroe Petroleum PLC19 November 2007 19 November 2007 Faroe Petroleum plc ("Faroe Petroleum", "Faroe" or the "Company") Breagh Well Update • 17.6 million standard cubic feet per day, dry gas, through a 56/64" choke. • 460 ft gross gas bearing column in a vertical well. • The well is being suspended as a potential gas producer. 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 ("the Well") in whichthe Company has a 10 per cent (10%) interest, has successfully tested dry gas ata maximum rate of 17.6 million standard cubic feet per day (mmscfd). The gaswas produced from the Carboniferous reservoir perforated between 7332 feet and7447 feet measured depth below rotary table. The Well was further flowed for a12 hour flow period at a controlled rate of 14.3 mmscfd against a circa 1550 psiwellhead flowing pressure. The well is currently shut in, in order to conduct apressure build up survey. The well encountered a possible gas-water contact in line with the original 42/13-2 discovery well giving a gross gas column of 460 feet. The well is beingsuspended as a potential gas producer. Graham Stewart, Chief Executive of Faroe Petroleum, said: "Faroe Petroleum is very pleased with the initial results of the Breagh welltest. The logging results and initial flow test results are very encouraging. We now look forward to completing the appraisal process over the coming days.These initial results also de-risk the surrounding acreage which offerssignificant additional potential for Faroe Petroleum and its partners. Wecongratulate the operator Sterling Resources on conducting an exemplaryoperation with an excellent outcome, and without any safety incidents." Ends Enquiries: Faroe Petroleum plc Graham StewartTel: 01224 652 810 This information is provided by RNS The company news service from the London Stock Exchange