21st Jan 2015 09:38
LONDON (Alliance News) - Faroe Petroleum PLC Wednesday said it has been awarded five new prospective exploration licenses in Norway in the country's 2014 licensing round.
Three of the licenses surround the company's existing Pil and Bue discoveries in the Norwegian Sea whilst the other two are in the Norwegian North Sea, which includes one license that will be operated by Faroe.
"These new awards enhance our licence portfolio, which is one of the largest on the Norwegian Continental Shelf. The new licences and licence extensions add exciting potential to the company in Norway and further boost our already significant position in the highly prospective area surrounding our Pil and Bue discoveries," said Chief Executive Graham Stewart.
Faroe will have a 20% interest in the Portrush license and will partner AS Norkse Shell, which will own a 40% stake and be the operator, with Petoro holding a 20% interest and VNG holding the balance.
In the Rosapenna license, Faroe will hold a 20% interest whilst Statoil will operate the site with a 40% stake. E.ON Ruhrgas and VNG will hold a 20% interest each in the license.
The company will hold a 50% interest in the Slynge license, with Centrica PLC operating and holding the other half of the project.
Faroe will hold a 20% interest in the Shango extension license. Total will hold a 40% stake and be the operator of the license whilst Centrica Norge AS and Set Norske will hold a 20% interest each in the license.
The Firklover extension license will be operated by Faroe, which will hold a 40% interest. Total Exploration and Production Norge AS will hold a 20% stake, as will Petoro AS whilst E.ON Ruhrgas and Det Norske Oljeselskap ASA will hold a 10% stake each.
Faroe shares were up 1.1% to 69.25 pence per share on Wednesday morning, whilst Centrica shares were up 0.7% to 268.20 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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