Awarded new exploration licence in Norway and prequalified as operator
(Thomson Reuters ONE) - 26 January 2010 Faroe Petroleum plc ("Faroe Petroleum", the "Company") Faroe Petroleum awarded new exploration licence in Norway and prequalifies as operatorFaroe Petroleum plc, the independent oil and gas company focusing principally onexploration, appraisal and undeveloped field opportunities in the Atlanticmargin, the North Sea and Norway, is pleased to announce that it has beenawarded a new prospective licence under the 2009 Norwegian APA Round and hasbeen prequalified as an operator for the Norwegian Continental Shelf.Licence PL477B, 'Zappa' (Faroe petroleum 30%, Centrica (Operator) 40% andPetro-Canada 30%)Faroe Petroleum has been awarded a 30% interest in PL477B. Significanthydrocarbon potential has been identified within this Norwegian Sea licence,which is located adjacent to the Company's existing PL477 Cooper licence. Thework programme and licence period for the new award is identical to that of ourlicence PL477, with a drill-or-drop decision to be taken in 2011.Norwegian operatorship prequalificationFaroe has prequalified as an operator on the Norwegian Continental Shelf, whichwill allow the Company to pursue operated opportunities and retain higher equitylevels in assets acquired through both upcoming licensing rounds andacquisitions.Faroe Petroleum entered Norway in 2006 with the clear objective of building asignificant, high quality exploration portfolio to complement the Company'sstrategic Atlantic Margin position. Norway is recognised as having vastuntapped oil and gas potential, and the Company has built up a considerableportfolio to explore this, totaling 20 licences. This has been achieved throughfocusing the skills and considerable experience of our established Norway team,to carefully select the best possible licences with the greatest potential.Graham Stewart, Chief Executive of Faroe Petroleum plc, commented:"Faroe Petroleum is very pleased to have been awarded this prospective licenceapplied for in the 2009 Norwegian APA licensing round. This new assetcomplements the Company's existing licence portfolio in Norway, and we arecurrently considering applying for licences in the upcoming 21(st) LicensingRound in Norway, in which some very exciting new licences are expected to beoffered"."As we continue with our scheduled, fully-funded drilling programme, we now lookforward to five high impact wells in 2010, the first of which is expected to bethe Fogelberg well in Norway next month.""The prequalification as operator is a recognition by the Norwegian Authoritiesof Faroe Petroleum's management systems and competence. This is an importantstep and we believe it will open new opportunities for the company in Norway inthe coming years." Faroe Petroleum Tel: +44 1224 650 920 Graham Stewart Panmure Gordon Tel: +44 20 7459 3600 Dominic Morley/ Ashton Clanfield Oriel Securities Tel: +44 20 7710 7600 Michael Shaw/Neil Langford Financial Dynamics Tel: +44 20 7831 3113 Billy Clegg/Edward WestroppAndrew Roberts, who is a Geophysicist (BSc. Joint Honours in Physics andChemistry from Manchester university), Exploration Manager of Faroe PetroleumNorge AS and who has been involved in the energy industry for more than 25years, has read and approved the technical disclosure in this regulatoryannouncement.Notes to EditorsThe Company is actively building a balanced portfolio of exploration, appraisaland production properties, with significant stakes and an active work programme. Faroe Petroleum has through successive licence applications and acquisitionsbuilt a substantial portfolio of exploration, appraisal, development andproduction assets across the Atlantic Margin, the UK and Norwegian North Sea andthe Norwegian Sea. The licence portfolio provides considerable spread of riskand reward, encompassing over 40 licences with seven licences West of Shetlands,six licences offshore the Faroe Islands, nine licences in the Southern gas basinand 20 licences in the Norwegian North Sea, Norwegian Sea and Barents Sea. Inaddition Faroe has interests in five producing oil and gas fields in the UK andNorway. Faroe Petroleum's joint venture partners include BP, Chevron,ConocoPhillips, DONG, DSM, Eni, E.ON Ruhrgas, GDF, OMV, RWE Dea, Shell andStatoil all of which have an outstanding track record in oil and gas explorationand development.Faroe Petroleum is quoted on the AIM Market of the London Stock Exchange withoffices in Aberdeen, Stavanger and Torshavn. The Company has a highlyexperienced team of professionals focused on creating exceptional value for itsshareholders.[HUG#1376976]
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Datum: 26.01.2010 - 02:03 Uhr
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