Bow Valley Prepares to P&A Fulmar L Wildcat Well

Faroe Petroleum plc

Faroe Petroleum has announced the results of the Fulmar L wildcat exploration well (22/11b-13).

The Fulmar exploration well, operated by Bow Valley Petroleum (UK) Limited (90%) was drilled to a total measured depth of 13,810 feet. The well penetrated a 123 foot gross sequence of Jurassic sandstone formation which was found to be hydrocarbon bearing in an upper 10 foot reservoir section. While volumes encountered in this well are not considered commercial, they provide significant encouragement of further potential on the license.

Formation pressures, fluid samples and other well data were acquired during a significant wireline logging and data acquisition program. Further seismic and geological interpretation will be undertaken in order to determine the potential associated with this discovery. In the meantime, Bow Valley is proceeding with plugging and abandonment operations.

Commenting on the news, Graham Stewart, Chief Executive said, "While the discovered accumulation itself is considered sub-commercial, this wildcat exploration well has proven up an active petroleum system with excellent fluid and reservoir properties, which is extremely encouraging and positive news for the rest of the license.

"The Company continues its fully-funded multi-well drilling program, including four further wells in 2008. Faroe is currently drilling the Marsvin exploration well and preparing to flow test the recently announced significant East Breagh gas discovery. The West Breagh appraisal well is programmed to start drilling within weeks, followed by three further wells scheduled to be drilled later in the year in Norway: the Hyme and Grosso exploration wells and the South East Tor oil appraisal well. We look forward to updating the market on further progress as and when appropriate."