Faroe awarded Norwegian licenses

Faroe Petroleum has been awarded three new prospective licenses under the 2008 Norwegian APA Round.

Offshore staff

ABERDEEN, UK -- Faroe Petroleum has been awarded three new prospective licenses under the 2008 Norwegian APA Round.

The company has been awarded two licenses in the Halten Terrace hydrocarbon province of the Norwegian Sea:

PL475 BS (30%) - The license covers approximately 38 sq km (15 sq mi) and is an extension of the company's existing PL475 Santana license where a well has been committed and is scheduled to be drilled in 2010. This license extension contains an appraisal opportunity called the Maria prospect. The work program involves reprocessing of 3D seismic data over the license. Partners are Revus Energy (operator), Concedo, and Centrica.

PL510 (20%) - This license covers approximately 298 sq km (115 sq mi) and contains a large number of prospects and leads located close to the company's existing acreage in the Halten Terrace area. The work program involves reprocessing of existing 3D seismic data to better define the distribution of reserves, prior to a decision being taken within two years on whether to drill an exploration well. Partners are Centrica (operator), E.ON Ruhrgas, and North Energy.

The company has been awarded one license in the northern North Sea.

PL507 (30%) - This license covers approximately 973 sq km (376 sq mi) and significant hydrocarbon potential has been identified close to the company's existing PL414 Kalvklumpen license. The work program involves reprocessing of existing seismic and a feasibility study to identify the potential for using electromagnetic (EM) data to further derisk the prospectivity, prior to a decision being taken within two years to acquire further 3D and/or EM seismic data. Partners are Revus Energy (operator), Spring Energy, and Centrica.

12/22/2008

More in Regional Reports