Faroe Petroleum Announcements

Drilling Report

25 March 2008 09:14:29

Faroe Petroleum PLC
25 March 2008
25 March 2008
Faroe Petroleum plc

("Faroe Petroleum", "Faroe" or the "Company")
Announces commencement of drilling on licence block PL271 on the Yoda Oil
Prospect ('Yoda') in Norway
Faroe Petroleum, the independent oil and gas company focusing principally on
exploration, appraisal and development in the Atlantic Margin, the North Sea and
Norway, is pleased to announce that drilling has commenced on Norwegian Licence
PL271 of which Faroe has a 15% interest
Yoda Oil Prospect (Faroe 15%)

The Yoda target is an attractive oil prospect located in the Norwegian Southern
North Sea. The Yoda prospect is a four-way dip closure within the Upper Jurassic
Ula sandstone interpod play, proven by a number of producing fields in the area
(e.g. Ula, Gyda, Rev).
The Yoda Prospect is being drilled by joint venture partner and operator,
StatoilHydro using the Maersk Giant rig. The drilling and contingent testing
operations are expected to take approximately 73 days. In addition to the Yoda
prospect, there is significant additional upside potential in the licences. The
nearby
Vader and Agira prospects are two further Upper Jurassic prospects, and a
successful exploration well in Yoda will significantly de-risk this additional
exploration potential. Licences PL271 and PL302 are located close to
infrastructure both on the Norwegian and UK side of the border.
Graham Stewart, Chief Executive of Faroe Petroleum, commented:
"We are very pleased to report the commencement of drilling on the Yoda
prospect; this is directly in line with the Company's stated strategic
objectives of building a strong portfolio of licenses in Norway and
participating in high potential exploration wells.
"We look forward to updating the market as to Yoda's progress in due course."
Enquiries:
Faroe Petroleum plc
Graham Stewart
Tel: 01224 650 920
gstewart@faroe-petroleum.com
Panmure Gordon
Katherine Roe
Tel: 020 7459 3600
Katherine.roe@panmure.com
Financial Dynamics
Billy Clegg/Edward Westropp
Tel: 020 7831 3113
edward.westropp@fd.com
Andrew Roberts, who is a Geophysicist (BSc. Joint Honours in Physics and
Chemistry from Manchester university), exploration manager of Faroe Petroleum
Norge AS and who has been involved in the energy industry for more than 25
years, has read and approved the technical disclosure in this regulatory
announcement.

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