Faroe: Possible Hydrocarbons Found in North Sea Well

Faroe Petroleum announced that the well 6506/9-2 S has now reached the target reservoir on the Fogelberg Prospect (Faroe 15%), and that indications of hydrocarbons have been encountered.

The well was drilled into the mid Jurassic reservoir of the Garn Fm with indications of hydrocarbons based on log response and increased gas levels. As planned, coring of the hydrocarbon bearing zones will now be carried out, which is expected to take up to several weeks. In addition it is planned to undertake extensive data collection in order to perform a full formation evaluation.

Partners in the well are Centrica Resources Norge AS ("Centrica") (operator 28%), Petro-Canada Norge AS, (30%) E.ON Ruhrgas Norge AS (15%) and North Energy AS (12%). The drilling operation is being undertaken by the operator Centrica using the West Alpha semi-submersible drilling rig.

Situated in approximately 280m water depth, Fogelberg (license PL433) is a substantial prospect, located within a rotated fault block some 10 kilometres to the north of the Statoil operated producing Åsgard Field complex, within the Norwegian Sea. The structure is similar to the recent Statoil operated Morvin oil and gas discovery, located 10 kilometres to the south west, which was successfully appraised in 2006 by Statoil and is expected to come on stream towards the end of 2010.

Faroe Petroleum was awarded this license in 2007, as one of its first Norway licenses. This represents one of many licenses identified and won on the basis of Faroe Petroleum's own original technical work.

Graham Stewart, Chief Executive of Faroe Petroleum plc, commented, "We are very pleased to announce the successful drilling of the Fogelberg Prospect and the promising findings so far. Alongside our partners Centrica, E.ON Ruhrgas and Petro Canada, we look forward to the coring and evaluation results and to making a further announcement thereafter."


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