22nd Jan 2014 10:29
LONDON (Alliance News) - Faroe Petroleum PLC Wednesday said that it has been awarded 10 new prospective exploration licences in Norway, two of which are as the operator.
The oil and gas company, which focuses on exploration in the Atlantic Margin, the North Sea and Norway, said that out of the 10 licences, it has secured two operatorships in the North Sea at Licence PL740 and Licence PL733.
As well as five licences in the North Sea, the group said that it was also awarded five licences in the Norwegian Sea.
"We are delighted with these licence awards, which add considerable new potential to our forward drilling programme," said Chief Executive Graham Stewart in a statement.
On Tuesday, Faroe Petroleum also announced that it has begun spudding the VNG-operated Pil exploration well 6406/12-3S, in the Norwegian Sea, in which it has a 25% holding.
Shares in Faroe Petroleum were trading 1.8% or 2.25 pence higher Wednesday morning at 125.25 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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