Faroe Petroleum, the independent oil and gas company focusing principally on exploration in the Atlantic Margin, the North Sea and Norway, is pleased to announce that it has been awarded three new prospective licenses under the 2008 Norwegian APA Round, as announced by the Norwegian Ministry of Petroleum and Energy yesterday.
The following three awards, which have no well commitments, have beenmade:
Halten Terrace Area
Faroe 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, which is in active development.
Northern North Sea
Faroe has been awarded one license in the northern North Sea.This license offers an exciting exploration opportunity in thismature production area.
"These new assets have only modest capital commitments and complement the Company's existing license portfolio in Norway, now totalling 23 Norwegian licenses, which have been awarded or acquired since our entry in 2006," said Graham Stewart, chief executive of Faroe.
"All Norway exploration and appraisal expenditure benefits from the very favorable financing arrangements provided through the country's attractive tax regime under which the State pays 78% of costs. Faroe continues to prudently manage its ongoing capital program, which includes a significant number of wells in its fully funded drilling program over the coming two years. These include one appraisal well and two exploration wells to be drilled in Norway during the next three months."
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