Farm-in to 2006 Brugdan Well

8 Dec 2005 15:02

Faroe Petroleum PLC08 December 2005 8 December 2005 Faroe Petroleum plc ("Faroe Petroleum" or "the Company") Farm-in to 2006 Faroes Brugdan Well Faroe Petroleum plc, the AIM listed oil and gas company focusing on exploration,appraisal and undeveloped field opportunities in the Atlantic margin and theNorth Sea, is pleased to announce that it will participate in the Brugdan wellwhich is to be drilled during summer 2006 on Licence 006 in the Faroes. As licence-holder in four further Faroese licences, Faroe Petroleum will gainaccess to significant new geological data from this first sub-basalt well to bedrilled offshore the Faroes. Faroe Petroleum has secured the opportunity toparticipate on favourable terms, and will hold a 4.04 per cent. equity stake inthe licence. The existing participants in Licence 006 are Statoil Faeroyene A/S (operator),Shell (Enterprise Oil Exploration Limited) and Dong Foroyar P/F. Graham Stewart, Chief Executive of Faroe Petroleum, said: "We are very pleased to be participating in the Brugdan well project. It willgive us high impact exposure at low cost and will significantly help us tounlock the regional geology to the benefit of our other higher equity Faroeslicences." Ends For further information, call: Graham Stewart, Chief Executive, Faroe Petroleum plc01224 652 810 Jonathon Brill/Ed Westropp, Financial Dynamics020 7813 3113 This information is provided by RNS The company news service from the London Stock Exchange