Petrofac Regulatory News (PFC)

29 Aug 2007 07:01

Petrofac Limited29 August 2007 PETROFAC LIMITED EXCHANGE OF UK NORTH SEA INTERESTS Petrofac, the international oil & gas facilities service provider, announcesthat its Energy Developments division has exchanged its 29% interest in UK NorthSea Block 9/28a (containing the Crawford field) for an additional 3.11% of Block211/18a (West Don area) with Valiant Petroleum. The operatorship of the Crawfordfield has been transferred from Petrofac to Fairfield Energy. Petrofac now holds a 43.11% operated interest in Block 211/18a, which contains a64.25% share of the West Don field. A pre-unitisation agreement with the ownersof the adjacent block has been concluded, to establish field equity shares forthe field life. Under the agreement, Petrofac will hold a 27.70% operatedinterest in the West Don field. Amjad Bseisu, chief executive of Petrofac Energy Developments, commented:"Following this exchange, we have increased our participation in the greater Donarea, where we hold operator status in our interests. A draft field developmentplan was submitted for the Don Southwest field in May 2007 and we continue tomake good progress towards submission of a draft field development plan for theWest Don field." - Ends - For further information contact: Petrofac Limited +44 (0) 20 7811 4900Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerJonathan Low, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232Ann-marie WilkinsonOlly Scott Notes to Editors Petrofac Petrofac is a leading international provider of facilities solutions to the oil& gas production and processing industry, with a diverse customer portfolioincluding many of the world's leading integrated, independent and national oil &gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) andis a constituent of the FTSE 250 Index. Through its three divisions, Engineering & Construction, Operations Services andEnergy Developments, Petrofac designs and builds oil & gas facilities; operates,maintains or manages facilities and trains personnel; and, where return criteriaare met and service revenue synergies identified, co-invests with clients andpartners. Petrofac's range of services allows it to help meet its customers'needs across the life cycle of oil & gas assets. With more than 9,500 employees, Petrofac operates out of four strategicallylocated international centres, in Aberdeen, Sharjah, Woking and Mumbai and afurther 16 offices worldwide. The predominant focus of Petrofac's business is onthe UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth ofIndependent States (CIS) and the Asia Pacific region. For additional information, please refer to the Petrofac website atwww.petrofac.com. This information is provided by RNS The company news service from the London Stock Exchange