Faroe Petroleum awarded Faroese licenses

Offshore staff

ABERDEEN, UK -- Faroe Petroleum has been awarded two new prospective Faroese licenses in the Faroes Third Licensing Round.

The following awards, which have no well commitments, have been made:

Kúlubokan (33 full and part blocks in quads 6201, 6202, and 6203) - Faroe 10% interest

The license, which covers 5,300 sq km (2,046 sq mi), contains a significant four-way dip closed structure. The co-venturers are Statoil Færøyene (50% and operator), Dong Føroyar P/F (30%), and Atlantic Petroleum P/F (10%).

The work program consists of a seismic program to identify a drilling location in advance of a drill or drop decision.

Rannva extension (nine full and partial blocks in quads 6007 and 6008) - Faroe 100%

The license covers some 1,200 sq km (463 sq mi) and has been awarded 100% to the company as operator, and is located adjacent to Faroe's existing Rannva license (Faroe 100%) which contains the very substantial Rannva "A" lead on the crest of the Wyville-Thomson Ridge. A low cost seismic reprocessing program will be undertaken to further delineate the structure, the company says.

12/09/2008