Faroe Achieves its Best Ever Licensing Round

Northern Europe-focused junior explorer Faroe Petroleum reported Wednesday that it has been awarded 10 new prospective exploration licenses, including two operatorships, in the 2013 Norwegian APA (Awards in Pre-defined Areas) licensing round.

Faroe said that the 10 licenses equate to the largest number awarded in this APA round, and are equal to those awarded to UK independent Centrica and Norwegian major Statoil.

In the Northern North Sea, Faroe has been awarded operatorship and 50-percent of the Brasse license (PL740, Blocks 30/9 and 31/7). The Brasse prospect is in an Upper Jurassic Sognefjord formation located south of the Brage field. According to Faroe, it holds significant resources in Upper and Middle Jurassic layers.

Also in the North Sea, Faroe has been awarded operatorship and 40-percent of the Freya license (PL731, Block 8/10). This is located immediately to the east of the PL405 license, which contains the Butch discovery.

Elsewhere in the North Sea, Faroe has been awarded portions of the Katie (PL729), B Betula Extension (PL670) and Adonia (PL733) licenses. Meanwhile, in the Norwegian Sea it has been awarded the PL749 license, containing the Seychelles and Maldives prospects.

The firm has also been awarded four licenses in the Norwegian Sea/Halten Terrace Area.

Faroe Chief Executive Graham Stewart commented in a company statement:


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