Faroe Petroleum Announcements

Drilling Report

29 April 2008 16:37:03

Faroe Petroleum PLC
29 April 2008
29 April 2008

Faroe Petroleum plc ("Faroe Petroleum", "Faroe" or the "Company")

Yoda well result
Faroe Petroleum (FPM.L), the independent oil and gas company focusing
principally on exploration, appraisal and development in the Atlantic Margin,
the North Sea and Norway, announces the completion of drilling operations on the
Yoda exploration well 7/1-2S in license PL271 in Norway. The well was
successfully drilled to a depth of 3,115 metres, but did not encounter
hydrocarbons. The well was drilled safely and within budget, and at a modest
cost to the Company.

Although Yoda did not yield a positive result, there is further remaining
prospectivity on the licence in the Agira prospect and a number of Triassic
prospects. This potential is not affected by the outcome on Yoda and will be
evaluated further in order to mature possible drilling targets.

The Joint Venture Partners in both Norwegian licences are Faroe Petroleum (15%),
StatoilHydro (40% and Operator), Talisman (30%) and Noreco (15%).

Faroe secured its interest in Licences PL271 and PL302, which contain the Yoda
prospect, earlier in the year. The Company holds interests in 47 licences in
total in its portfolio, of which 20 are in Norway.

Commenting on the result, Graham Stewart, Chief Executive of Faroe Petroleum,
said:

"We are disappointed that this well has not delivered a positive result,
however, we are pursuing our exploration strategy on a portfolio basis, in order
to mitigate risk. The Company is participating in an exciting, fully funded
programme of more than 20 wells over the next 20 months alone, comprising
exploration, appraisal and development wells in Norway, the UK and the Atlantic
Margin. We look forward to updating the market on further drilling progress in
the near term."



Ends

Enquiries:
Faroe Petroleum plc
Graham Stewart
Tel: 01224 652 810
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

This information is provided by RNS
The company news service from the London Stock Exchange

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