Faroe Wins Exploration Rights in Norwegian Sea
Faroe has been offered three new prospective licenses in the Norwegian Sea under the 2010 Norwegian APA License Round.
License PL475CS, Blocks 6406/3 (part) and 6507/10 (part) - 'Maria Extension' (Faroe Petroleum 30%, Wintershall Norge ASA 25% (operator), Concedo ASA 10%, Spring Energy Norway AS 15%, Centrica Resources (Norge) 20%). Faroe Petroleum has been awarded a 30% interest in PL475CS, which contains the northern and southern extensions to the Maria Discovery (PL475BS), which was drilled successfully in 2010, resulting in a significant oilfield discovery. In addition, this new license contains the Migra lead, located to the south of Maria. The work program will follow the current program for PL475BS, which has no remaining work commitments.
License PL590, Blocks 6507/7 (part), 6507/10 (part) and 6507/11 (part) - 'Milagro' (Faroe Petroleum 30%, North Energy (operator) 40% and Wintershall Norge ASA 30%). Faroe Petroleum has been awarded a 30% interest in PL590, which is located to the north of the Maria Discovery and the Santana prospects. The license area contains a number of promising leads and the Milagro Prospect; which are all located within the Grinda Graben and are potential tie-back candidates to a Maria development. The work program will include seismic reprocessing and optional seismic acquisition.
License PL592 Block 6506/9 (part) 'Grayling' (Faroe Petroleum 50%, Centrica Resources (Norge) 50% (operator)). Faroe Petroleum has been awarded a 50% interest in PL592, which is located immediately north of the Fogelberg Discovery (PL433). The area contains the Grayling Prospect within the Lower Cretaceous sands, analogous to the T-Rex Prospect, which is scheduled to be drilled in the second quarter of 2011. The work program includes seismic reprocessing and other geological studies. A discovery in this license could be potential tie-back candidates to a Fogelberg development.
Graham Stewart, Chief Executive of Faroe Petroleum plc, commented, "Faroe Petroleum is very pleased to have been awarded these prospective licenses 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 license.
"These new licenses 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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