Faroe Petroleum has successfully built a significant portfolio of 20 Norwegian licenses to complement its existing Atlantic Margin and North Sea portfolios. The Company now holds the largest portfolio of Norwegian licenses among all AIM listed oil companies, and is set to build upon this and grow considerably its drilling program going forward.
Accordingly, the Company's activity level is ramping up as follows:
Faroe expects to participate in an active program of more than six exploration and appraisal wells in Norway in the next two years, for which drilling rigs have been secured. In August, the Marsvin exploration well in License PL289 (Faroe 14%) is scheduled to commence, using the Maersk Guardian jackup rig.
The South East Tor appraisal well and Hyme exploration well in License PL006c (Faroe 10%) are expected to commence in October, followed by the Grosso exploration well in PL376 (Faroe 10%) towards the end of the year.
On the undeveloped Trym gas field (Faroe 10%); acquired from Shell in late 2007, the license joint venture has recently approved the Danish state-owned oil company DONG as field operator. The revised near term work program for development of this important field includes securing a drilling rig to drill the production wells and submission of the Field Development Plan by year end.
The CGG Veritas seismic vessel M/V CGG Laurentian has commenced a substantial 3D seismic acquisition survey over Faroe Petroleum'sNorwegian Sea exploration licences PL433 (Fogelberg, Faroe 15%), PL477 (Cooper, Faroe 30%) and PL478 (Manilow, Faroe 30%). Centrica is operator of all three licences and the survey is designed to acquire 3D seismic data over an area in excess of 700 square kilometers.
License PL433 was awarded to Faroe in the 2006 APA Licence Round and contains the promising Fogelberg prospect eight kilometers to the north of the producing Smorbukk Field. The structure is similar to
the ongoing Morvin oil and gas development 10 kilometres to the southwest. In the 2007 APA Licence Round, the Company was awarded two further nearby licences, PL477 and PL478, which contain the promising analogue Middle Jurassic prospects, Cooper and Manilow, respectively.
The first exploration well on Fogelberg is scheduled to be drilled at the end of 2009 with the contracted West Alpha drilling rig.
The license partnership has now secured the Deep Sea Delta drilling rig, currently contracted to StatoilHydro on the Troll Field, to drill Faroe Petroleum's Santana prospect in 2010. License PL475 (Faroe 30%) was awarded in the 2007 APA License Round, together with Revus as operator, and contains the promising Santana and Carlos prospects, as well as seven further prospects and three leads. The Santana prospect is a potential extension of the existing hydrocarbon columns within the Trestakk Field, and the work commitment involves the drilling of a firm well within three years.
Faroe has to date secured 12 of its 20 Norway licenses through applications in licensing rounds. In preparation for both the 2008 Norwegian APA and the 20th Licensing Rounds, the Company has identified several promising new exploration and appraisal opportunities and considerable resource is being focused on preparing for the submission of licence applications.
Both rounds will be very competitive, and the 20th Round is particularly significant as new acreage in frontier areas is being offered.
The Company has applied for pre-qualification as License Operator on the Norwegian Continental Shelf. Faroe is currently qualified as a non-operating Licensee in Norway, while it is qualified as operator in both the UK and the Faroe Islands.
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