The Company's decision to enter Norway relates principally to the country's vast potential for finding new resources, its outstanding exploration success rate and the fact that it remains an under-explored province. Norway has also recently implemented a very favorable tax structure designed to incentivise exploration.
The new Norway team, all of whom have worked together for several years on the Norwegian Continental Shelf, has an outstanding track record built up with several oil companies in Norway, including Enterprise, Paladin, Shell and Statoil. The team was previously responsible for creating a high value portfolio of exploration, development and production assets in Norway, and gives Faroe Petroleum an excellent opportunity to expand rapidly its portfolio into Norway.
Heading up our Norway operation as Country Manager is Mr. Helge Hammer. Mr. Hammer, who has 19 years of experience in the international upstream oil and gas industry including 14 years with Shell, joins Faroe Petroleum from Paladin Resources where he was Deputy Managing Director, Norway. Mr Andrew Roberts has been appointed Exploration Manager for Norway, also joining us from Paladin Resources. Mr. Roberts is a highly regarded geophysicist with a specialisation in 4D seismic interpretation. Mr. Hammer and Mr. Roberts will lead our Norway team, which will work closely with our UK and Faroes sub-surface and commercial teams in building a strong and complimentary business portfolio in Norway.
Key Norway Highlights
Graham Stewart, chief executive of Faroe Petroleum commented:
"As our planned drilling activity draws near, our new business in Norway represents an excellent opportunity to further grow and balance our portfolio, and is an important step forward in our goal to create significant value for shareholders."
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