Drilling begins at Anne Marie well offshore Faroe Islands

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Dana Petroleum notes the drilling announcement this morning (copied below) from Faroe Petroleum Plc (“Faroe Petroleum”) regarding the commencement of drilling at the Anne Marie exploration well, offshore Faroe Islands.

Dana Petroleum holds a direct 25% equity interest in the Anne Marie prospect and licence area, and remains a 27.5% shareholder of Faroe Petroleum following its take up in full in the recent Rights Issue.

 

26 July, 2010

Enquiries:

 

Tom Cross, Chief Executive Dana Petroleum plc 01224 652400
Nick Elwes College Hill Associates 020 7457 2020

 

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

Spudding of Anne Marie Exploration Well

Faroe Petroleum plc, the independent oil and gas company focusing  principally on exploration, appraisal and undeveloped field opportunities in the  Atlantic margin, the  North  Sea and  Norway,  is  pleased to  announce  that  drilling operations have commenced on the Anne Marie prospect (Faroe Petroleum  12.5%), located offshore, the Faroe Islands. 

The commitment well  (6004/8a-1) is located  in 1,106m of  water depth,  190km South East of Torshavn, targeting potentially oil bearing sandstone of  Eocene and Palaeocene age  in a  structural trap. The well is being drilled by the Norwegian semi-submersible rig Seadrill West Phoenix, which is expected to remain in operation for about 75 days. 

The Joint Venture is composed of Eni Denmark BV as operator with a 30% of Participating Interest, Dana Petroleum 25%, OMV 20%, CIECO 12.5%, and Faroe Petroleum 12.5%.

Graham Stewart, Chief Executive of Faroe Petroleum plc, commented:

 "We are pleased to announce the spudding of this important and high impact exploration well on the first licence awarded to the Company in 2000 under the First Faroese Licensing Round."

"This is the first of three 2010 exploration wells to be drilled in the deep water Atlantic margin, all of which are targeting substantial oil prospects.

The second and third wells, operated by BP and Chevron respectively, will be in UK waters, targeting the North Uist/Cardhu and Lagavulin prospects."    

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