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Faroe Petroleum awarded several new licenses on the UK Continental Shelf

LONDON -- 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 provisionally been awarded seven new exploration licenses on the UK Continental Shelf in the UK' s 27th Offshore Licensing Round.

Grouse Extension (Blocks 217/14 & 217/15) – Faroe Petroleum 37.5% and operator
This west of Shetland traditional license is located in the North of the Faroe-Shetland Basin. The blocks contain the extension of the Company’s existing Grouse prospect, a large structural and stratigraphic trap within post-basalt strata, in a new exciting exploration play in the west of Shetland area. The license work program for the Grouse Extension is to be confirmed but it is anticipated that it will tie in with the program for the existing Grouse license.

Glenfarclas (Blocks 208/21 (part), 208/26 & 214/30d) – Faroe Petroleum 33.34% and operator
This west of Shetland traditional license is situated on the south-eastern flank of the Faroe-Shetland Basin to the North of the Glenlivet gas discovery in which Faroe Petroleum has a 10% interest. The Glenfarclas Prospect is a large structural and stratigraphic trap of Palaeocene age, and exhibits an amplitude anomaly. The license work program for Glenfarclas involves reprocessing 3D seismic data and additional geotechnical studies, prior to making a drill or drop decision.

Dunvegan (Blocks 205/16b (part), 205/17 (part), 205/21c & 205/22b) - Faroe Petroleum 50% and operator
This west of Shetland traditional license is situated at the southern end of the Faroe-Shetland Basin. Dunvegan and the associated leads are combined structural and stratigraphic traps within Lower Cretaceous strata, associated with strong seismic amplitudes and located within a regional three-way closed structure. The license work program for Dunvegan involves shooting new long offset 2D seismic data and additional geotechnical studies, prior to making a drill or drop decision.

Ribbon (Block 206/7b) – Faroe Petroleum 50%
This west of Shetland Traditional license, to be operated by E.ON E&P UK Limited, is situated on the eastern flank of the Faroe-Shetland Basin, adjacent to the Clair oil field. Prospectivity has been identified within both Palaeocene and Cretaceous strata. The license work program involves reprocessing 3D seismic data and additional geotechnical studies, prior to making a drill or drop decision.

Blocks 29/12 (part), 29/13 (part) & 29/14 – Faroe Petroleum 33.33%
This Central North Sea Traditional license, to be operated by Endeavour Energy (U.K.) Limited, is located on the southern margin of the Central Graben. A number of leads have been identified at both Palaeocene and Jurassic levels. The license work program involves obtaining and reprocessing 2D seismic data and additional geotechnical studies, prior to making a drill or drop decision.

Greater Perth Area Block 15/16e – Faroe Petroleum 33.33%
This traditional licence, to be operated by DEO Petroleum Exploration Limited, is located in the Outer Moray Firth, north-east of the Perth oil field, in which the partners hold an interest. Prospectivity has been identified within Upper Jurassic strata and is to be de-risked through a work program comprised of obtaining and reprocessing 3D seismic data, in addition to other geotechnical studies, prior to making a drill or drop decision.

Blocks 3/28c & 9/3e – Faroe Petroleum 50%
This traditional license, to be operated by RWE Dea UK SNS Limited, is located on the western edge of the Northern North Sea Viking Graben to the north of the BP operated Bruce field. Prospectivity has been identified within the Palaeocene section in an exciting new play concept for the area. The license work program  involves reprocessing of 3D seismic data and additional geotechnical studies, prior to making a drill or drop decision.


 

10/26/2012

 

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