LONDON--Faroe Petroleum PLC (FPM.LN), an independent oil and gas
company, Monday announces the spudding of the Darwin exploration
well--7218/11-1, in which it has a 12.5% interest.
MAIN FACTS:
-Multiple targets have been identified on 3D seismic and this
well will test the main Darwin prospect and contribute towards
further de-risking of the large upside potential in the remainder
of the license area.
-Drilling operations are being operated by Repsol Exploration
Norge AS (20%) utilizing the Transocean Barents semi-submersible
drilling rig.
-Other joint venture partners are Talisman Energy Norge AS
(12.5%), Marathon Oil Norge AS (10%), RWE Dea Norge AS (15%), Det
norske oljeselskap ASA (10%) and Concedo ASA (20%).
-Faroe shares closed Friday at 144 pence valuing the company at
305.83 million pounds.
-Write to Ian Walker at ian.walker@dowjones.com
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