Premier Oil to plug and abandon Spaniards exploration well

11/7/2012

Premier Oil to plug and abandon Spaniards exploration well

LONDON -- The Spaniards East well was drilled in UK block 15/21, reached a total depth of 10,694 ft and encountered 75 ft of Jurassic sands, which were water wet. The well is now being plugged and abandoned.

The drilling operations were undertaken by Premier Oil as operator. Faroe Petroleum had a free carried interest of 8.4% in the well carried by Premier, Cairn and Serica and was not required to make any cash contribution to the dry hole cost of this well.

Graham Stewart, Chief Executive of Faroe Petroleum, commented: “Although the Spaniards East well carried a reasonably high level of risk, we agreed to participate, given the upside potential in the event of success, and the fact the well was drilled at no cost to Faroe Petroleum. In the meantime, Faroe will be participating in a very active ongoing drilling programme in 2013 and we also await the results from the BP operated North Uist exploration well, west of Shetland.”

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