Faroe Petroleum has been awarded five new prospective exploration licences, including one operatorship, under the 2014 Norwegian APA (Awards in Pre-defined Areas) Licence Round on the Norwegian Continental Shelf.
The Company has been awarded three new licences in the area surrounding the Company's Pil & Bue discoveries:
•Licence PL793 Portrush - Blocks 6407/7, 8, 10 and 11: Faroe (20%), A/S Norske Shell (40% and operator), Petoro (20%) and VNG (20%): The Portrush Prospect is an analogue to the Boomerang Prospect. The main prospect at Portrush is an Upper Jurassic sandstone wedge along the main basin bounding fault, and in addition the licence area contains several other promising prospects and leads. The work programme includes licensing of 3D seismic data. The Boomerang Prospect is one of the targets to be drilled in summer 2015 by the Company (Faroe 25%) as a follow up to the Pil discovery in the PL586 licence.
•Licence PL794 Rosapenna - Blocks 6407/7 and 6407/10: Faroe (20%), Statoil (40% and operator), E.ON (20%) and VNG (20%): The Rosapenna prospect is another direct analogue to the Boomerang Prospect. The work programme includes the licensing of 3D seismic data.
•Licence PL792 Slynge - Blocks 6306/2: Faroe (50%) and Centrica (50% and operator): The Slynge area is located immediately to the south of the PL586 Pil licence with a structural setting analogous to the Pil discovery and Boomerang prospect. The work programme includes the licensing of 3D seismic data.