10 new exploration licences awarded in Norway for Faroe Petroleum


10 new exploration licences awarded in Norway for Faroe Petroleum

ABERDEEN -- Faroe Petroleum announced that it has been awarded 10 new prospective exploration licences, including two operator-ships, under the 2013 Norwegian APA (Awards in Predefined Areas) Licence Round on the Norwegian Continental Shelf. These 10 licences equate to the largest number awarded in this APA round, equal with Centrica and Statoil.

Northern North Sea
The Company has been awarded one licence in the northern North Sea. This licence offers exciting exploration opportunities in an area with established nearby production infrastructure in the Brage Field:

Licence PL740 Brasse – Blocks 30/9 and 31/7: Faroe (50% and operator) and Core Energy (50%). The Brasse Prospect in the Upper Jurassic Sognefjord formation is located south of the Brage field on the possible migration route into Brage.

North Sea
The Company has been awarded four licences in the North Sea, where the Company already holds a number of licences, including the Butch oil field, discovered in 2011:

Licence PL731 Freya – Block 8/10: Faroe (30%), Centrica Resources (40% and operator) and Tullow Oil (30%). This North Sea licence is located immediately east of the PL405 licence which contains the Butch Discovery (Faroe Petroleum 15%).

Licence PL729 Katie – Block 2/1: Faroe (30%), Centrica (40% and operator) and Tullow (30%). The Katie Prospect is an Ula sandstone prospect that extends over the PL668 Etta licence and into the new awarded acreage in PL729.

Licence PL670 B Betula extension – Block 7/11: Faroe (25%), Tullow (30% and operator), Centrica (25%) and Concedo (20%). The Betula Prospect is an exciting opportunity in a mature and prolific area in the vicinity of the Jurassic Ula oil field in the Central North Sea.

Licence PL733 Adonia – Blocks 9/5, 9/8 and 9/9: Faroe (50% and operator) and Explora Petroleum (50%). Two Middle Jurassic leads have been identified on a salt ridge west of the Faroe Petroleum operated PL620 Lola licence located in the Egersund basin.

Norwegian Sea
The Company has been awarded one new licence in a very exciting immature exploration area east of the giant Ormen Lange field in the North Sea.

Licence PL749 Seychelles and Maldives– Blocks 6306/4 and 6306/5: Faroe (20%), Centrica (40% and operator), VNG Norge (20%) and Petoro (20%). The Seychelles and Maldives prospects are located on a structural nose on a down faulted terrace from the Froya High. Potential reservoirs are in the Upper and Middle Jurassic.

Norwegian Sea, Halten Terrace Area
The Company has been awarded four new licences in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea. The main focus for all of these licences is the further exploration of the Cretaceous Lange Formation sandstones, as discovered in the Solberg/Rodriguez discovery, which Faroe announced in January 2013:

Licence PL475 D Solberg South extension – Block 6407/1: Faroe (30%), Wintershall Norge (35% and operator), Centrica (20%) and Moeco Oil & Gas Norge (15%).

Licence PL590 B Solberg North extension – Block 6507/11: Faroe (30%), North Energy (30% and operator), Wintershall (30%) and Spike Exploration (10%).

Licence PL754 Aurora – Blocks 6407/2: Faroe (30%), Rocksource (40% and operator) and Centrica (30%). A Cretaceous Lange Formation anomaly has been mapped up dip of the southern extension of the Solberg sandstone system. This is a region where Faroe has a long history and experience through our continuing pursuit of Cretaceous sand systems on the Halten Terrace. The work programme will be focused on reducing risk by improving the existing 3D seismic data-set through reprocessing.
Licence PL753 Zircon – Blocks 6407/7 and 6407/8: Faroe (30%), VNG (40% and operator) and Core (30%).

Graham Stewart, CEO of Faroe Petroleum, commented, "We are delighted with these licence awards, which add considerable new potential to our forward drilling programme. Faroe has again been very successful in its licence application strategy, and this award is the largest to date for the Company, and indeed in the entire APA round, alongside Statoil and Centrica. This demonstrates the strength of our reputation in Norway and further positions us as having one of the largest licence portfolios on the Norwegian Continental Shelf.

"Faroe Petroleum has built a strong and sustainable exploration company, with Norway at centre stage. Our significant Norwegian portfolio has a diversified mix of both near field and frontier opportunities, from which we can high grade the best prospects for drilling. The combined advantages of Norway’s progressive and highly successful fiscal incentivisation for exploration and our own cash generating production ensure we can continue to make Norway a key part of our value creating business strategy."

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