Faroe Petroleum wins three new Norwegian drilling licences

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business7.co.uk on Jan 19 2011 By Scott McCulloch
Original article here

New drilling licences will expand two of Faroe’s existing finds in the Norwegian Sea

FAROE Petroleum has been offered three new prospective drilling licences in the Norwegian Sea.

The Aberdeen-based oil and gas independent struck oil at the Maria and Fogelberg fields off the coast of Norway last year.

The company is the largest shareholder in the Maria site with a 30 per cent stake.

Faroe has now secured three new prospective licences in the Norwegian Sea under the 2010 Norwegian APA Licence Round.

The new licences include an extension of the Maria site which is estimated to have up to a million barrels of recoverable oil.

Faroe will take a 30 per cent stake in the field extension, as well as a 30 per cent stake in the Milagro field north of the Maria discovery.

The company will also take a 50 per cent stake in the Grayling field north of Faroe’s major Fogelberg discovery last year, which has estimated recoverable oil reserves of between 19 and 95 million barrels of oil equivalent.

Graham Stewart, Faroe’s chief executive, said: “Faroe Petroleum is very pleased to have been awarded these prospective licences in the 2010 Norwegian APA licensing round.

“As well as continuing our successful relationships with Wintershall and Centrica, we have also been awarded substantial equity interests in each licence.

“These new licences contain some attractive new prospects in close proximity to the Company’s existing 2010 Maria and Fogelberg discoveries on the Halten Terrace.”

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