Faroe Petroleum wins seven exploration licences

published 18 January 2012

Faroe Petroleum, an independent oil and gas company, has been offered seven new prospective exploration licences on the Norwegian Continental Shelf under the 2011 Norwegian APA Licence Round.

The company has been awarded two licences in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea, three licences in the northern North Sea in a very active exploration area with established production infrastructure, and two licences in the Egersund basin in the Norwegian North Sea, which will be a new area for Faroe Petroleum.

Chief Executive Graham Stewart said: "Winning these licences in such a highly competitive round is real testament to the skills and creativity of the technical team we have in place and the continuing success we have delivered with the drill bit across our Norwegian licence areas.

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"Three of the new licences are operated by Faroe and we have licence equities across the seven licences ranging from 20% to 75%, demonstrating our growing ambitions for exploration in Norway. These awards see us enter a number of exciting new joint venture relationships, and continue our very successful working relationship with Centrica, with whom we have made three discoveries in the past two years."

The share price fell 0.45% to 165.25p by 10:18.