FAROE Petroleum said yesterday it had been offered stakes in three Norwegian licenses.
Graham Stewart, chief executive of the Aberdeen firm, said: “Faroe Petroleum is very pleased to have been awarded these prospective licences in the 2010 Norwegian APA licensing round.
“These new licences contain some attractive new prospects in close proximity to the company’s existing 2010 Maria and Fogelberg discoveries on the Halten Terrace.”
Keith Morris, an analyst at investment bank Evolution Securities, said: “Faroe has been awarded material (although non-operated) stakes in three licences in the Norwegian Sea: 30% in two licences surrounding the Maria discovery and 50% in the licence surrounding the Fogelberg discovery.
“The awards fit into Faroe’s strategy and expertise which is working up leads and prospects, drilling and then farming down its interest to lessen financial commitments in the more capex-intensive latter stages of a project. Discoveries are likely to be tied in to Maria/Fogelberg infrastructure, enhancing economics.
“In addition, it is worth noting that companies receive a 78% tax rebate against exploration expenditure courtesy of the Norwegian fiscal regime. The awards add to the already impressive portfolio of the company.”
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