Faroe Petroleum holds a 5.89% interest in the Minke field, which Faroe Petroleum acquired as a package from ConocoPhillips in 2006, and is the first development of previously undeveloped gas discoveries/fields in Quadrant 44 in the UK Southern Gas Basin. The highly prospective Quadrant 44 benefits from Minke's sub-sea infrastructure, which has been designed to accommodate two wells through tie-in, and thereby optimize access to its export facility through the nearby GDF-operated D15 platform.
Graham Stewart, chief executive commented:
"While this technical setback is disappointing, we remain confident in the Operator GDF and our partners, all of who are highly experienced in gas field developments, to take appropriate remedial action as appropriate. We are also pleased with the Operator's progress towards a development decision on the nearby Orca gas field (Faroe 5.89% UK Portion), which is expected during 2008."
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