Faroe Wins Six Norwegian Licenses

Faroe Petroleum, which focuses on exploration, appraisal and undeveloped field opportunities in the Atlantic Margin, the North Sea and Norway, said that it has been awarded its first Norwegian licenses, under the Norwegian APA Round, as announced by the Norwegian Ministry of Petroleum and Energy Monday.

The following six awards have been made to the Company:

Halten Terrace Area

The Company has been awarded two licenses in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea. These licenses offer excellent exploration and appraisal opportunities in an area that is in active development.

--Part blocks 6506/9&12, Faroe Petroleum Interest: 30% This license covers approximately 80 square kilometers and contains a very interesting prospect some 8 kilometers to the north of the producing Smorbukk Field. The structure is similar to the recent Morvin oil and gas discovery 10 kilometers to the southwest, which was successfully appraised in 2006. Additional 3D seismic data will be acquired over the structure to define a location for the exploration well that will be drilled on the prospect within the next four years. Partners are Centrica (operator) and Petro-Canada.
--Part blocks 6506/12, 6406/2&3, Faroe Petroleum Interest: 30% This license covers approximately 240 square kilometers and represents an opportunity to appraise an existing discovery in the Lower Cretaceous. The discovery lies between the Smorbukk and Smorbukk Sor fields and already has proven hydrocarbons in two wells. The work program involves the reprocessing of existing 3D seismic data to better define the distribution of reserves, prior to a decision being taken within two years on whether to drill an appraisal well. Partners are Centrica (operator) and Petro-Canada.

Marulk Basin Area

The Company has been awarded a license within a prolific oil-source kitchen area located just to the north of the Tampen Spur hydrocarbon province that includes the Snorre Field. This license offers an excellent exploration opportunity in an area that is under-explored.

--Part blocks 33/2,3&6, 34/1&4, Faroe Petroleum Interest: 20% This license, which covers approximately 700 square kilometers, is situated in the Marulk Basin. In terms of structural and depositional setting, the prospects identified in the license are analogous to some of the largest fields found in the North Sea. The resource potential of this license is significant and will be clarified by the forward work program, which involves obtaining and reprocessing 3D seismic data and a drill or drop decision within two years. Partners are ConocoPhillips (operator), Revus and Petro-Canada.

Utsira High

The Company has been awarded a license located to the east of the Frigg Field. This area represents a mature oil and gas province, with discoveries and production from many stratigraphic levels.

--Part blocks 25/3,5&6, Faroe Petroleum Interest: 20% This license covers approximately 570 square kilometers, and comprises several prospects at Jurassic and Paleocene levels. The Jurassic structures are adjacent and analogous to the abandoned Froy Field, which the operator (Pertra) is planning to redevelop. The work program includes reprocessing of existing 3D seismic data prior to a decision being taken to drill an exploration well within two years. Partners are Pertra (operator), Noreco and PA Resources.

East of Ula

The Company has been awarded a license located on the flank of the prolific Central Graben, approximately 15 kilometers east of the Ula and Gyda Jurassic oil fields. This license offers an excellent exploration opportunity in an area that is under-explored.

--Part blocks 7/9&12, 8/7,8,10&11, Faroe Petroleum Interest: 30% This license covers approximately 650 square kilometers. The identified prospectivity is located adjacent to an untested salt diapir and has many analogues in the Central Graben. The work program involves reprocessing of existing 2D and 3D seismic data, with a drill or drop decision within two years. Partners are Centrica (operator) and Petro-Canada.

35/8 Area

The Company has been awarded a license in the vicinity of the Fram/Gjoa fields, in the northern part of the Norwegian North Sea. The prospectivity in this license is relatively immature, but there are some interesting leads in more unconventional plays.

--Part block 35/8, Faroe Petroleum Interest: 30% This license covers approximately 175 square kilometers and is located in the Sogn Graben, 8 kilometers to the northeast of the 35/8-1 Vega discovery. There are a number of prospective levels in the license and existing 3D seismic data will be reprocessed and evaluated prior to a decision being taken within two years to drill an exploration well. Partners are Petro-Canada (operator) and Centrica.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

"Faroe Petroleum is delighted to have been awarded its first licenses in Norway. These new assets complement the Company's existing strategic license portfolio of key Atlantic Margin and UK North Sea licenses and establish Faroe Petroleum as a significant player in the region.

"Awarded in partnership with some very strong oil and gas companies, including ConocoPhillips, Centrica and Petro-Canada, these important new licenses kick off our portfolio building program for Norway. Having satisfied the Ministry's pre-qualification process, this award demonstrates clearly our team's ability to extend Faroe Petroleum's portfolio beyond the Faroes and United Kingdom, and into Norway. We now look forward to working with our new partners to create significant shareholder value as we commence our exciting work programs in Norway."

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