Faroe Buoyed by Anne Marie's Hydrocarbons

Faroe announced the results of drilling on the Anne Marie exploration prospect (Faroe Petroleum 12.5%), located offshore in License 005 in the Faroe Islands, and provide an operational update on drilling on Lagavulin, UK west of Shetlands.

Anne Marie

Well 6004/8a-1 on the Anne Marie prospect was spudded on 23/07/2010 and drilled to a total depth of 3,901m, in 1,106 meters water depth, 190 kilometers south east of Tórshavn. Total depth was reached on October 25, 2010. Hydrocarbons have been found in thin sandy layers dispersed in a thick volcano-clastic sequence of Paleocene age, indicating robust evidence of the presence of an active petroleum system. Further analysis are in progress to evaluate the size and the characteristics of the discovery.

The Norwegian semi-submersible drilling rig Seadrill West Phoenix, which was used for the drilling operation, is expected to plug and abandon the well as planned and move away from the location in the coming days.

The joint venture is composed of Eni Denmark BV as operator with 25% participating interest, Dana Petroleum 25%, OMV 20%, Cieco E&P (Faroe) Limited 12.5%, First Oil Expro 5% and Faroe Petroleum 12.5%.


The Lagavulin exploration well (Faroe 10%), operated by Chevron, in the UK Atlantic Margin to the west of the Shetland Islands, was spudded last month. The well is being drilled with the Stena Carron drillship operating 230 kilometers (143 miles) north east of Chevron's Rosebank/Lochnagar discovery. The Lagavulin well will target a number of potential oil bearing reservoirs of pre-Cretaceous to Paleocene age located within a large, elongated four-way structural closure. Lagavulin, which lies across blocks 217/10 and 210/14 and 15, has a reserve potential of more than 500 million barrels of oil equivalent, classing Lagavulin as one of the largest undrilled structural closures on the Atlantic Margin. The well is expected to take around 120 days to complete from spud.

Graham Stewart, Chief Executive of Faroe Petroleum, commented, "While we did not encounter thick reservoir sands at the Anne Marie well location, the discovery gives us significant encouragement to continue exploration efforts in this license, which we have held together with ENI for over 10 years."

"Our high impact exploration program continues with the drilling of Lagavulin, and Faroe's ongoing multi-well exploration drilling program will carry on through 2011 and beyond as we push forward to test our substantial northern seas portfolio of over 40 significant licenses, to which we have last week added a further four, as operator, awarded under the UK's 26th Licensing Round."

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