Work to resume on suspended Faroes well

Statoil and partners ExxonMobil and Atlantic Petroleum plan to re-enter the Brugdan 2 well in license 006 offshore the Faroe Islands.

Offshore staff

TORSHAVN, Faroe Islands – Statoil and partners ExxonMobil and Atlantic Petroleum plan to re-enter the Brugdan 2 well in license 006 offshore the Faroe Islands. Drilling operations were suspended in late 2012.

Ben Arabo, CEO of Atlantic, said: “The timing is good for AP [Atlantic], as the company is currently drilling the potentially very high-impact Dunquin well in Ireland, and we expect to spud the UK Pegasus appraisal well later in 2013, followed by a possible Perth appraisal well late 2013.”

Statoil Færøyene is operator of license 006 with 50% equity. ExxonMobil Exploration and Production Faroe Islands holds 49% and Atlantic 1%.

Additionally, ExxonMobil has acquired a 6% interest from Atlantic in license L016, awarded under the third Faroese licensing round in 2008. The license covers 3,870 sq km (1,494 sq mi).

Revised ownership interests are Statoil, operator with 40%; DONG Energy Føroyar 30%, ExxonMobil 26%, and Atlantic 4%.

6/12/2013

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