Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and undeveloped field opportunities in the Atlantic Margin, the North Sea and Norway, announces that the Topaz well (operated by RWE Dea UK SNS Limited) (Faroe interest 7.5%) has been successfully drilled and tested by the Noble Al White drilling rig. Flow rates on test achieved commercial thresholds and the joint venture has agreed to take the project forward to development.
Field partners are RWE Dea UK SNS Limited (57.5% and acting as operator) and GDF Britain Limited (35%) and the planned development will be a single well tieback to the Tullow operated Schooner and the CMS system. Production is expected to commence in the third quarter of 2009.
This UK Southern North Sea undeveloped gas field straddles Blocks 49/1a and 49/2a and is located 14 kilometres south east of the producing Schooner field (in which Faroe also holds a 4.83% interest) to which the Topaz gas will be transported. The Company acquired its 7.5% interest in Topaz from E.ON Ruhrgas in November 2007 as part of a cross border package acquisition which included an interest in the Schooner field.
Graham Stewart, Chief Executive of Faroe commented:
“We are pleased to report that the Topaz gas field will proceed to early development following the successful well test, to become our fourth field on production. Since acquiring Topaz in November last year, the outlook for gas prices has continued to improve. Enhanced production revenues will strengthen further the business as a whole, as we continue our exciting exploration and appraisal drilling programme over the coming years.”
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