DEO Announces Corporate Appointment and Operational Update (UK)

DEO announces the appointment of Michael Cooper as Vice President, Exploration & Subsurface.

Mr Cooper has extensive North Sea experience with EnQuest PLC, ORYX Energy Company, Inc, Kerr McGee Corporation and BP Amoco and has also worked at the Department of Energy and Climate Change (“DECC”). In addition, he is a former PESGB Director, Devex Chairman and co-founder of Prospect Fair. The Board believes that Mr Cooper’s appointment will significantly enhance the Company’s subsurface capability and expertise; both in developing the Core Perth Assets and further appraisal opportunities in the overall Perth area.

Operational update

The budget for the field development plan (“FDP”) work programme has now been approved by the new Perth licence group, which includes Faroe Petroleum plc whose involvement is subject only to execution of agreed legal documentation, as announced by the Company on 14 January 2011. In addition, the Board expects to meet its original target of submitting an FDP application approval to DECC by 30 September 2011.

DEO continues to evaluate a number of complementary opportunities within close proximity to the Perth acreage which could enhance the Perth development plan and other suitable subsea tieback opportunities in the Central North Sea.

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Source:DEO, February  22, 2011;