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New Exploration Licences Awarded in Norway

Source: www.gulfoilandgas.com 1/19/2011, Location: Europe

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, is pleased to announce that it has been offered three new prospective licences in the Norwegian Sea under the 2010 Norwegian APA Licence Round.

Licence PL475CS, Blocks 6406/3 (part) and 6507/10 (part) – 'Maria Extension' (Faroe Petroleum 30%, Wintershall Norge ASA 25% (operator), Concedo ASA 10%, Spring Energy Norway AS 15%, Centrica Resources (Norge) 20%). Faroe Petroleum has been awarded a 30% interest in PL475CS, which contains the northern and southern extensions to the Maria Discovery (PL475BS), which was drilled successfully in 2010, resulting in a significant oilfield discovery. In addition, this new licence contains the Migra lead, located to the south of Maria. The work programme will follow the programme for PL475BS, which has no remaining work commitments.

Licence PL590, Blocks 6507/7 (part), 6507/10 (part) and 6507/11 (part) – 'Milagro' (Faroe Petroleum 30%, North Energy (operator) 40% and Wintershall Norge ASA 30%). Faroe Petroleum has been awarded a 30% interest in PL590, which is located to the north of the Maria Discovery and the Santana prospects. The licence area contains a number of promising leads and the Milagro Prospect; which are all located within the Grinda Graben and are potential tie-back candidates to a Maria development. The work programme will include seismic reprocessing and optional seismic acquisition.

Licence PL592 Block 6506/9 (part) 'Grayling' (Faroe Petroleum 50%, Centrica Resources (Norge) 50% (operator)). Faroe Petroleum has been awarded a 50% interest in PL592, which is located immediately north of the Fogelberg Discovery (PL433). The area contains the Grayling Prospect within the Lower Cretaceous sands, analogous to the T-Rex Prospect, which is scheduled to be drilled in the second quarter of 2011. The work programme includes seismic reprocessing and other geological studies. A discovery in this licence could be potential tie-back candidates to a Fogelberg development.

Graham Stewart, Chief Executive of Faroe Petroleum plc, commented:
"Faroe Petroleum is very pleased to have been awarded these prospective licences in the 2010 Norwegian APA licensing round. As well as continuing our successful relationships with Wintershall and Centrica, we have also been awarded substantial equity interests in each licence.

"These new licences contain some attractive new prospects in close proximity to the Company's existing 2010 Maria and Fogelberg discoveries on the Halten Terrace."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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