Faroe Petroleum provides an operational update. The Company has a material and active investment programme ahead, which is fully funded from existing cash flow, cash reserves and debt facilities.

Exploration Programme Updates

Snilehorn (Faroe 7.5%) - this is a satellite to the Statoil-operated Njord field in the Norwegian Sea and, using the Songa Trym drilling rig, the well will target oil and gas in the Lower Jurassic Tilje and Åre formations similar to those in the Njord reservoirs. This well and side-track, to be operated by Statoil AS, is located four kilometres from the Njord producing field in the Norwegian Sea and, if successful, the plan is to fast-track a development by tying Snilehorn in to the successful Hyme oil field development (Faroe 7.5% and brought on stream earlier this year), with potential first oil in 2015/16.

Tags: Faroe Petroleum