Faroe Petroleum awarded eight exploration licences in Norway

1/17/2018

ABERDEEN -- Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that it has been awarded eight new prospective exploration licences, including four operatorships, in the Norwegian North Sea under the 2017 Norwegian APA (Awards in Pre-defined Areas) Licence Round.

Licence PL926 Blue Libelle – Blocks 33/9, 33/12 and 34/10: Faroe (40% and operator), DNO (30%) and Concedo (30%): The Blue Libelle is on the Tampen Spur on the north-western margin of the North Viking Graben. It is a structural prospect of Middle Jurassic age sandstones that sits between the producing fields Statfjord and Gulfaks. The work program involves acquiring and/or reprocessing 3D seismic data and a drill or drop decision by February 2020.

Licence PL908 Århus – Block 9/11, 9/12, 10/10 and 10/11: Faroe (30%), Statoil Petroleum (70% and operator): The Århus Prospect is located in the Åsta Graben, north of Trym field in the Central Graben, where various targets in the Oligocene Vade formation have been mapped. The work program involves the acquisition of new 2D data with electromagnetic data and a drill or drop decision by February 2020.

Licence PL906 Skræmetindan – Blocks 7/11 and 7/12: Faroe (20%), Aker BP (40% and operator), Maersk (20%) and Statoil (20%): The Skræmetindan Prospect is located on the Cod Terrace in the Central Graben. It is a structural prospect of Jurassic age containing sandstones in the Ula formation. The work program involves acquiring and reprocessing 3D seismic with a drill or drop decision by February 2020.

Licence PL006 E SE Tor Extension – Block 2/5: Faroe (85% and operator), AkerBP (15%): This licence contains a portion of the Paleocene Gomex exploration target which extends outside the existing SE Tor Licence. The work program is the same as the existing PL006C SE Tor.

Licence PL810 B Katie Extension – Blocks 2/1 and 8/10: Faroe (40% and operator), Spirit Energy (30%) and AkerBP (30%): The licence contains the north-eastward extension of the Katie Prospect located on the eastern side of the Oda Development. The work program is the same as the existing PL810 Katie Licence, involving seismic reprocessing and a drill or drop decision by February 2019.

Licence PL740 C Brasse North Extension – Blocks 31/4: Faroe (50% and operator), Point Resources (50%): The licence contains the northward extension of the Brasse Extension on the eastern side of Brage field. The work program is the same as the existing PL740/B Brasse Licence (Faroe 50%).

Licence PL065 B Tambar Extension – Block 1/3: Faroe (45%), AkerBP (55% and operator): This licence contains a potential north-westward extension of Tambar field. The work program is the same as the existing PL065 Tambar licence.

Licence PL019 E Ula Extension – Block 7/12: Faroe (20%), AkerBP (80% and operator): The licence contains a potential eastward extension of Ula field. The work program is the same as the existing PL019 Ula Licence.

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