Faroe Petroleum said yesterday it had been awarded three new exploration licences under the latest Norwegian government licensing round.
The Aberdeen-based oil and gas company focuses principally on exploration in the Atlantic Margin, the UK North Sea and Norway.
It said the latest awards had no well commitments, and that two were in the Norwegian Sea and one in the northern North Sea.
The company said it had gained two licences in the prolific Halten Terrace area, and that they offered excellent exploration and appraisal opp-ortunities in an area which was in active development.
It added that it had a 30% interest in what was an extension of its Santana licence, where a well is scheduled to be drilled in 2010.
Faroe said the extension contained an appraisal opportunity called Maria.
The work programme on the new licence involves reprocessing 3D seismic data. Partners are Revus Energy (operator), Concedo and Centrica.
A second new licence in the Halten Terrace area is one where Faroe has a 20% stake. The company said this licence contained a large number of prospects and leads.
The work programme will involve reprocessing existing 3D seismic data. Partners are Centrica (operator), E.ON Ruhrgas and North Energy.
In the northern North Sea, Faroe has a 30% interest in a new licence where partners are Revus Energy (operator), Spring Energy and Centrica.
Faroe said this licence offered an exciting exploration opportunity in a mature production area.
“It added that a work programme would involve reprocessing of existing seismic and a feasibility study to identify the potential for using electromagnetic (EM) imaging data.
Graham Stewart, chief executive of Faroe Petroleum, said: “We are very pleased to have been awarded all three licences applied for.
“These new assets have only modest capital commitments and complement our existing licence portfolio in Norway, now totalling 23 licences which have been awarded or acquired since our entry to the country in 2006.”
Faroe said last month it had doubled its bank credit line to £47.5million to help to finance its Norwegian exploration and appraisal plans.
It intends to take part in one appraisal well and two exploration wells in Norway in the next three months.
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