Starts the drilling at Zapffe
Published on Fri, 14/10/2011 - 09:39
The rig Aker Barents has finished at the Heilo-project, and now
starts at Zapffe.
The Zapffe-project is located some 30 km west of Goliat, and Front Exploration AS has a 20 per cent holding. “This is an exciting operation, which gives us every reason to look ahead. In addition, we have applied for new licenses and expects a decision on this in a couple of months,” says Yngve Vassmyr, CEO of Front Exploration AS. In September Front Exploration AS applied to the Norwegian Ministry of Petroleum and Energy for new licences on the Norwegian continental shelf in connection with this year’s allocation of pre-defined areas (TFO 2011).
The nature of exploration
Aker Barents starts the drilling in the Zapffe-project, after it now has left Heilo, where the drilling did not give the desired results. This was announced today in a press release from the operator GDF Suez E&P Norge AS. “To be a part of the major discoveries, we must also be a part of the drillings that doesn’t come out with the results we were hoping for. This is the nature of exploration,” says Vassmyr.
Prepared for the future
Each of the two majority shareholders, SpareBank1 Nord-Norge Invest AS and Troms Kraft Invest AS, recently injected NOK 100 million in new equity into Front Exploration AS. This will provide sufficient capital to fund planned activities until the end of 2014. “Our new capital provides a platform for the future, and makes the company less dependent on shortterm drilling success. Nevertheless, we believe that we can make a commercial discovery on the Zapffe-prospect, and we have submitted an interesting application to the Ministry of Petroleum and Energy regarding the activity in the coming years,” says Vassmyr.
For further information, please contact:
CEO Yngve Vassmyr, mobile: +47 952 11634,
email: yngve.vassmyr@frontx.no
