Faroe Wins New Exploration Licence In Norway, Prequalifies As Operator

Faroe Petroleum, an independent oil and gas company, has won a new prospective licence under the 200

The company has bagged a 30% interest in the new Norwegian Sea licence, PL477B. It said that significant hydrocarbon potential has been identified within this licence, which is located adjacent to its existing PL477 Cooper licence. The work programme and licence period for the new award is identical to that of the company's licence PL477, with a drill-or-drop decision to be taken in 2011.

Faroe Petroleum has prequalified as an operator on the Norwegian Continental Shelf, which will allow the company to pursue operated opportunities and retain higher equity levels in assets acquired through both upcoming licensing rounds and acquisitions.

Graham Stewart, CEO of Faroe Petroleum, said: "Faroe Petroleum is very pleased to have been awarded this prospective licence applied for in the 2009 Norwegian APA licensing round. This new asset complements the company's existing licence portfolio in Norway, and we are currently considering applying for licences in the upcoming 21st Licensing Round in Norway, in which some very exciting new licences are expected to be offered".

"As we continue with our scheduled, fully-funded drilling programme, we now look forward to five high impact wells in 2010, the first of which is expected to be the Fogelberg well in Norway next month."

Faroe Petroleum focuses principally on exploration, appraisal and undeveloped field opportunities in the Atlantic margin, the North Sea and Norway. The company entered Norway in 2006.