Fulmar exploration well proves uncommercial

The Fulmar exploration well (22/11b-13) proved uncommercial at a total measured depth of 13,810 ft (4,209 m).

Offshore staff

ABERDEEN, UK -- The Fulmar exploration well (22/11b-13) proved uncommercial at a total measured depth of 13,810 ft (4,209 m). The well penetrated a 123-ft (37-m) gross sequence of Jurassic sandstone formation which was found to be hydrocarbon bearing in an upper 10 ft (3 m) reservoir section.

While volumes encountered in this well are not considered commercial, the company believes the results provide significant encouragement for further potential on the license. Formation pressures, fluid samples, and other well data were acquired during a significant wireline logging and data acquisition program.

Faroe will undertake further seismic and geological interpretation to determine the potential associated with this discovery. In the meantime, the operator, Bow Valley Petroleum, is proceeding with plugging and abandonment operations.

"While the discovered accumulation itself is considered sub-commercial, this wildcat exploration well has proven up an active petroleum system with excellent fluid and reservoir properties, which is extremely encouraging and positive news for the rest of the license," says Graham Stewart, chief executive of Faroe Petroleum.

10/15/2008

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