Production Kicks Off at Wissey Gas Field
Faroe Petroleum announced that production has started up from the Wissey gas field, located in the UK Southern Gas Basin in UK Block 53/4D, in which Faroe holds an 18.75% working interest.
Initial flow rates are on prognosis at approximately 70 mmscfd (million standard cubic feet per day), which corresponds to 11,600 barrels of oil equivalent (boe). The Wissey Gas Field is situated east of the Tullow operated Horne and Wren platform. The development consists of a single well subsea tie-back to the Horne and Wren platform, via a newly laid 10 kilometer pipeline. Gas is then transported onward to the Thames host facility for separation and compression and from there on to the Bacton Gas Terminal in the UK.
Faroe Petroleum has entered into a gas sales agreement with E.ON Energy Trading to sell the gas in the market on behalf of Faroe Petroleum.
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.
Faroe's interest was acquired in September 2007 from First Oil Expro Limited which retains an 18.75 per cent interest in the field.
Commenting on the news, Graham Stewart, Chief Executive said, "We are delighted to announce first gas from the Wissey Gas Field; Tullow Oil has done an excellent job bringing this field safely and efficiently on production, as the offshore installations and modifications were completed without any major incidents or delays.
"Together with Minke and Schooner, Wissey is the Company's third field on production in the North Sea, significantly adding to Faroe's overall production and cash flow. This is an exciting period for the Company, with increasing production, four further near term field developments pending and a very active, fully funded 20 well, two year drilling program. Seven of these wells are either drilling or scheduled to be drilled during the remainder of this year."
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