FAROE Petroleum, the Aberdeen-based oil and gas operator, is among five companies awarded exploration licences in the Faroese third licensing round.
It has gained a 100% interest in nine full and part blocks in a 463 square-mile area known as the Rannva Extension, adjacent to its 100%-owned Rannva licence, said to contain the substantial Rannva A prospect.
Chief executive Graham Stewart said: “This latest award secures us prime acreage in one of our core areas for a very modest capital commitment, strengthening our opportunity base going forward.”
Faroe has also gained a 10% interest in 33 full and part blocks covering more than 2,000sq miles. Co-venturers are StatoilHydro (50% and operator), Dong (30%) and Atlantic Petroleum (10%).
The other firm to have won a licence is Geysir Petroleum, with a 100% stake.
Faroese trade minister Johan Dahl said the licensed acreage on its continental shelf had increased by more than 50%. The licence terms are between three and six years, with work obligations to acquire and process data.