Faroe Petroleum Spuds Wissey Well, Expects 60 Mmscf/d in Gas

Faroe Petroleum spudded the Wissey well on Saturday 15th December 2007. Operated by Tullow Oil UK Limited (Faroe interest 18.75%), the well is estimated to take around 37 days to drill and complete.

The Wissey field is situated in UK Block 53/4D, approximately 10 kilometers east of the Tullow operated Horne and Wren platform from where the Wissey gas will be transported to the Thames host facility for separation and compression and from there on to the Bacton terminal.

First gas is expected in the second half of 2008 at an initial rate of 60 mmscf (11.25 million standard cubic feet per day (mmscfd) net to Faroe which corresponds to 1,800 barrels of oil equivalent (boe). The net reserves attributable to Faroe Petroleum in respect of Wissey are estimated to be 5.9 billion cubic feet of gas (approximately 1 million boe), with the potential for further upside.

Graham Stewart, CEO of Faroe Petroleum, said, “We are very pleased to be able to announce the spudding of this well; the Wissey field complements Faroe Petroleum's existing Minke producing asset, together with the recently acquired interests in the Schooner (producing) and Topaz (pre-development) assets.

"This is in line with our strategy of developing and appraising our asset base to drive further value to our shareholders."