As license-holder in four further Faroese licenses, Faroe Petroleum will gain access to significant new geological data from this first sub-basalt well to be drilled offshore the Faroes. Faroe Petroleum has secured the opportunity to participate on favorable terms, and will hold a 4.04 percent equity stake in the license.
The existing participants in License 006 are Statoil Faeroyene A/S (operator), Shell (Enterprise Oil Exploration Limited) and Dong Foroyar P/F.
Graham Stewart, Chief Executive of Faroe Petroleum, said:
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