RWE Hits Paydirt at Topaz Well in UK Southern Gas Basin



Faroe Petroleum has announced that the Topaz well, located in Block 49/2a in the UK Southern Gas Basin and operated by RWE Dea UK SNS Limited, has been successfully drilled and tested by the Noble Al White drilling rig. Flow rates on tests achieved commercial thresholds and the joint venture has agreed to take the project forward to development.

UK Topaz Gas Field (Faroe 7.5% pre-unitized interest) 

Field partners are RWE Dea UK SNS Limited (57.5% and acting as Operator) and GDF Britain Limited (35%) and the planned development will be a single well tieback to the Tullow operated Schooner and the CMS system. Production is expected to commence in the third quarter of 2009.

This UK Southern North Sea undeveloped gas field straddles Blocks 49/1a and 49/2a and is located 14 kilometers south east of the producing Schooner field (in which Faroe also holds a 4.83% interest) to which the Topaz gas will be transported. The Company acquired its 7.5% interest in Topaz from E.ON Ruhrgas in November 2007 as part of a cross border package acquisition which included an interest in the Schooner field.

Graham Stewart, Chief Executive of Faroe, commented, "We are pleased to report that the Topaz gas field will proceed to early development following the successful well test, to become our fourth field on production. Since acquiring Topaz in November last year, the outlook for gas prices has continued to improve. Enhanced production revenues will strengthen further the business as a whole, as we continue our exciting exploration and appraisal drilling program over the coming years."
 


RELATED COMPANIES
Company: Noble Corporation more info
Manages 28 Offshore Rigs
 - Sembcorp Marine Delivers World's Largest Jackup Noble Lloyd Noble (Jul 18)
 - Oil Industry Maintains Country Club Culture During Downturn (May 23)
 - Freeport to Pay Noble $540 Million to Not Use 2 Oil Rigs (May 10)
Company: Tullow Oil more info
Operates 1 Offshore Rigs
 - Tullow Oil Signs Exploration Contracts Offshore Ivory Coast (Oct 11)
 - Britain's Tullow Launches Oil, Gas Exploration In Zambia (Aug 11)
 - European Oil Producers' Weak Hedging Shows Bet on Price Rebound (Jul 31)
Company: RWE-DEA more info
 - Lundin Granted Drilling Permit in PL609 (Sep 10)
 - Lundin Spuds Appraisal Well on Alta Discovery (Mar 25)
 - Japan's JX, GDF Suez Find New Oil in UK North Sea (Mar 13)
Company: E.ON more info
 - Polish Antimonopoly Office Says Nord Stream 2 Threatens Competition (Jul 22)
 - Premier Oil's Shares Remain Suspended amid Proposed E.ON Deal (Jan 14)
 - Premier Oil to Acquire EON's UK North Sea Assets (Jan 13)
Company: Faroe Petroleum more info
 - Drilling of Well at Fogelberg Gas Discovery to Start in Feb/March -Centrica (Sep 01)
 - Japan's JX To Sell North Sea Oil Field Stake To Faroe Petroleum (Jul 28)
 - Faroe: Bone Exploration Well in Barents Sea Spud (Jan 12)
Company: GDF Britain Ltd more info
 - GDF Suez Strikes Gas at Juliet Well in Southern North Sea (Jan 02)
 - Dana Petroleum Snags Interests in 29 UK Offshore Blocks (Nov 14)
 - RWE Pushes Forward with Topaz Gas Field Tie-In Development (Oct 10)
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.