Faroe Petroleum: Cassidy Exploration Well Finds Water
December 27 2018 - 04:08AM
Dow Jones News
By Ian Walker
Faroe Petroleum PLC (FPM.LN) said Thursday that the Cassidy
exploration well 8/10-7S has been drilled to 3,100 meters and found
water.
The oil-and-gas company, which is currently fighting off a 607.9
million-pound ($770.6 million) offer from DNO ASA (DNO.OS), said
the well in the PL405 Oda license in the Norwegian North Sea will
now be plugged and abandoned as planned.
Faroe has a 15% working interest in the well, while Spirit
Energy Norge has a 40% interest and is operator and Suncor Energy
Norge AS has 30% and Aker BP ASA has 15%.
Faroe Chief Executive Graham Stewart said while the results are
disappointing the company has maintained its above-average
exploration success rate this year.
"We remain active over the coming months, with the Brasse East
well currently drilling, and a further three exploration and
appraisal wells so far committed for drilling in H1 2019," Mr.
Stewart said.
Faroe was approached by DNO in November, with the Norwegian
company offering to buy Faroe for 152 pence a share. Faroe rejected
the offer as "opportunistic, unsolicited and inadequate."
DNO already owns more than a quarter of Faroe's existing shares,
according to FactSet.
Faroe shares at 0930 GMT were down 0.80 pence, or 0.5%, at
151.20 pence.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
December 27, 2018 04:53 ET (09:53 GMT)
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