Faroe Petroleum, the independent oil and gas company focussing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that it has been awarded five new prospective exploration licences, including one operatorship, under the 2014 Norwegian APA (Awards in Pre-defined Areas) Licence Round on the Norwegian Continental Shelf.
The Company has been awarded three new licences in the area surrounding the Company's Pil & Bue discoveries:
- Licence PL793 Portrush - Blocks 6407/7, 8, 10 and 11: Faroe (20%), A/S Norske Shell (40% and operator), Petoro (20%) and VNG (20%): The Portrush Prospect is an analogue to the Boomerang Prospect. The main prospect at Portrush is an Upper Jurassic sandstone wedge along the main basin bounding fault, and in addition the licence area contains several other promising prospects and leads. The work programme includes licensing of 3D seismic data. The Boomerang Prospect is one of the targets to be drilled in summer 2015 by the Company (Faroe 25%) as a follow up to the Pil discovery in the PL586 licence.
- Licence PL794 Rosapenna - Blocks 6407/7 and 6407/10: Faroe (20%), Statoil (40% and operator), E.ON (20%) and VNG (20%): The Rosapenna prospect is another direct analogue to the Boomerang Prospect. The work programme includes the licensing of 3D seismic data.
- Licence PL792 Slynge - Blocks 6306/2: Faroe (50%) and Centrica (50% and operator): The Slynge area is located immediately to the south of the PL586 Pil licence with a structural setting analogous to the Pil discovery and Boomerang prospect. The work programme includes the licensing of 3D seismic data.
Norwegian North Sea
The Company has been awarded two new licences in the North Sea as extensions to existing exploration licences:
- Licence PL676BS Firkløver extension - Block 25/7, 10: Faroe (40% and operator), Total E&P Norge AS ("Total") (20%), Det norske oljeselskap ASA ("Det Norske") (10%), E.ON (10%) and Petoro AS (20%): This North Sea licence extension is located east and south-east of the existing North Sea PL676 S licence awarded in the 2012 APA round. The extension will include up-dip areas of the Krembanan Prospect east of the existing licence area. There is no incremental work programme cost associated with this licence. The work commitment is to perform and complete technical studies already initiated in the PL676S licence.
- Licence PL627B Shango Extension - Block 25/6: Faroe (20%), Total (40% and operator), Centrica Norge AS (20%) and Det Norske (20%): This licence is located north of the PL627 licence area and covers the northern extension of the Shango Prospect which is scheduled to be drilled in the first half of 2015. There is no incremental work programme cost associated with this licence.
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