Aberdeen-based Faroe Petroleum has announced that three new prospective licences in Norway's 2008 Norwegian APA Round, incuding the promising Halten Terrace Area of the Norwegian Sea.

Faroe describes the licences areas as under "active development".

The company is offered 30 percent in license PL 475 BS adjacent the PL 475 Santana blocks, where a well has been committed and is scheduled to be drilled in 2010. This license extension contains an appraisal opportunity inthe Maria Prospect. The work program involves reprocessing of 3D seismic data.

Operator Revus Energy, Concedo and Centrica would be partners.

In PL510, Faroe could take up 30 percent in a 300-square-kilometre area rich in prospects and where two years exist in which to decide on drilling with partners Centrica, E.ON Ruhrgas and North Energy.

In the northern North Sea, Faroe has two years in which to decide whether electromagnetic surveys of PL 507 would bring results.

Company boss Graham Stewart said "only modest capital commitments" were required in the licenses, and Norway refunds 78 percent of exploration costs.

Faroe plans one appraisal well and two exploration wells in Norway during the next three months.

Tags: Faroe Petroleum