Faroe Lines Up Rig for Novus Drilling

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, announced that it has contracted the West Navigator (DW drillship) to drill the Faroe-operated Novus prospect in Norway in the second half of 2013.

This license is located to the South West of the Heidrun field in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea. The main targets for the well are the Jurassic reservoirs of the Garn, Ile, and Tilje formations.

The Novus prospect was awarded to Faroe as part of the APA 2011 Licensing Round announced in January of this year. The license group consists of Faroe Petroleum as operator (50%), CentricaResources (Norge) AS (40%) and Skagen 44 AS (10%).

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

"We are very pleased to announce the securing of a rig to drill the Novus prospect, which will be the second Faroe Petroleum operated well on the Norwegian Continental Shelf. The Novus prospect was identified and mapped by Faroe Petroleum for the 2011 APA license round and lies in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea."

"In the meantime Faroe is participating in four further exploration wells scheduled to be drilled in the next six months in both UK and Norwegian waters."

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