Investment in Oil Field

18 Dec 2006 07:02

Petrofac Limited18 December 2006 PETROFAC LIMITED INVESTMENT IN UK NORTH SEA INTEREST Petrofac, the international oil & gas facilities service provider, announcesthat its Resources division has acquired a 60% interest in part of Block 211/18ain the UK North Sea containing the Don Southwest discovery. Petrofac has beenapproved as the licence operator of the interest. Petrofac has acquired the interest from BP and ConocoPhillips alongside DonDevelopment Company Limited, a subsidiary of Valiant Petroleum, which hasacquired the remaining 40% interest. Petrofac also has a 50% interest in theadjoining Block 211/18c, awarded in the 23rd Licensing Round, in which ValiantPetroleum holds the remaining 50%. The future development opportunities of thesetwo interests will be quantified through a remapping exercise across both areasusing recently reprocessed seismic data. The Don Southwest area of 211/18acontains a number of wells which have been tested and produced in the BrentFormation. Amjad Bseisu, Chief Executive of Petrofac Resources, commented: "The DonSouthwest acquisition is ideal for Petrofac from a size and location perspectiveand establishes the 211 area as core for Petrofac. As operator and developmentpartner, we will look to draw on the expertise of our Engineering & Constructionand Operations Services divisions with a view to developing the field. As withthe West Don area, the export options which are currently under investigationinclude operating as a satellite tieback to the Thistle platform (where ourOperations Services division provides turnkey facilities management services) orto the Murchison and Magnus production facilities." Ends For further information, please contact: Petrofac Limited +44 (0) 20 7811 4900Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerRobin Caiger, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232Ann-marie WilkinsonGeoff Callow Notes to Editors Petrofac is a leading international provider of facilities solutions to the oiland gas production and processing industry, with a diverse client portfolioincluding many of the world's leading integrated, independent and national oiland gas companies. Through its three divisions, Engineering & Construction (E&C), OperationsServices (OS) and Resources, Petrofac designs and builds oil and gas facilities;operates, maintains or manages facilities and trains personnel; and, wherereturn criteria are met and service revenue synergies identified, co-investswith clients and partners. Petrofac's range of services allows it to help meetits clients' needs across the life cycle of oil and gas assets. With approximately 8,000 employees, Petrofac operates out of four strategicallylocated international centres, in Aberdeen, Sharjah, Woking and Mumbai and afurther 13 offices worldwide. The predominant focus of Petrofac's business ison the 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