Breaking News

Tweet TWEET

Faroe Petroleum PLC FPM Awarded Several Licences on UK Continental Shelf

  Faroe Petroleum PLC (FPM) - Awarded Several Licences on UK Continental Shelf

RNS Number : 5918P
Faroe Petroleum PLC
26 October 2012




26 October 2012



      Faroe Petroleum plc ("Faroe Petroleum", "Faroe" or the "Company")

                                      

   Faroe Petroleum awarded several new licences on the UK Continental Shelf



Faroe Petroleum, the independent oil  and gas company focusing principally  on 
exploration, appraisal and  production opportunities in  the Atlantic  margin, 
the North Sea  and Norway, is  pleased to announce  that it has  provisionally 
been awarded seven new exploration licences on the UK Continental Shelf in the
UK's 27th Offshore Licensing Round.



Grouse Extension (Blocks 217/14 & 217/15) - Faroe Petroleum 37.5% and operator



This west  of Shetland  traditional licence  is located  in the  North of  the 
Faroe-Shetland Basin.  The  blocks contain  the  extension of  the  Company's 
existing Grouse prospect,  a large  structural and  stratigraphic trap  within 
post‐basalt strata, in a new exciting exploration play in the west of Shetland
area. The licence work programme for the Grouse Extension is to be  confirmed 
but it is anticipated that it will tie in with the programme for the  existing 
Grouse licence.



Glenfarclas (Blocks 208/21 (part), 208/26 & 214/30d) - Faroe Petroleum  33.34% 
and operator



This west of  Shetland traditional  licence is situated  on the  south-eastern 
flank of the Faroe-Shetland Basin to the North of the Glenlivet gas  discovery 
in which Faroe Petroleum  has a 10% interest.  The Glenfarclas Prospect is  a 
large structural and  stratigraphic trap  of Palaeocene age,  and exhibits  an 
amplitude anomaly.  The  licence  work programme  for  Glenfarclas  involves 
reprocessing 3D seismic  data and  additional geotechnical  studies, prior  to 
making a drill or drop decision.



Dunvegan (Blocks 205/16b  (part), 205/17  (part), 205/21c &  205/22b) -  Faroe 
Petroleum 50% and operator



This west of Shetland traditional licence  is situated at the southern end  of 
the Faroe-Shetland  Basin. Dunvegan  and the  associated leads  are  combined 
structural and stratigraphic traps within Lower Cretaceous strata,  associated 
with strong seismic amplitudes and located within a regional three-way  closed 
structure. The licence work programme for Dunvegan involves shooting new long
offset 2D seismic data and additional geotechnical studies, prior to making  a 
drill or drop decision.



Ribbon (Block 206/7b) - Faroe Petroleum 50%



This west  of Shetland  traditional licence,  to be  operated by  E.ON E&P  UK 
Limited, is  situated  on  the  eastern flank  of  the  Faroe-Shetland  Basin, 
adjacent to the  Clair oil  field. Prospectivity has  been identified  within 
both Palaeocene and  Cretaceous strata.  The licence  work programme  involves 
reprocessing 3D seismic  data and  additional geotechnical  studies, prior  to 
making a drill or drop decision.



Blocks 29/12 (part), 29/13 (part) & 29/14 - Faroe Petroleum 33.33%



This Central North Sea traditional licence, to be operated by Endeavour Energy
(U.K.) Limited, is located  on the southern margin  of the Central Graben.  A 
number of leads have been identified at both Palaeocene and Jurassic  levels. 
The licence work programme involves obtaining and reprocessing 2D seismic data
and additional geotechnical studies, prior to making a drill or drop decision.



Greater Perth Area Block 15/16e - Faroe Petroleum 33.33%



This traditional licence, to be operated by DEO Petroleum Exploration Limited,
is located in the  Outer Moray Firth,  north-east of the  Perth oil field,  in 
which the partners hold an interest. Prospectivity has been identified within
Upper Jurassic  strata  and  is  to be  de-risked  through  a  work  programme 
comprised of obtaining and reprocessing 3D seismic data, in addition to  other 
geotechnical studies, prior to making a drill or drop decision.



Blocks 3/28c & 9/3e - Faroe Petroleum 50%



This traditional licence, to be operated by RWE Dea UK SNS Limited, is located
on the western edge of  the Northern North Sea Viking  Graben to the north  of 
the BP operated  Bruce field.  Prospectivity has been  identified within  the 
Palaeocene section in an exciting new play concept for the area. The  licence 
work programme  involves  reprocessing  of  3D  seismic  data  and  additional 
geotechnical studies, prior to making a drill or drop decision.



Graham Stewart, Chief Executive of Faroe Petroleum, commented:



"I am very pleased  to report these  new licence awards  in both the  Atlantic 
Margin and the North Sea. We have  secured a number of significant new  leads 
and prospects in a variety of geological settings which compliment and further
diversify our extensive exploration portfolio".



"In the  meantime  we  await the  results  of  the two  UK  exploration  wells 
currently being drilled namely  the West of Shetland  N.Uist well (6.25%)  and 
the North Sea Spaniards East well (8.4%)."



                                   - Ends -



For further information please contact:

                             

Faroe Petroleum plc           Tel: +44 1224 650 920

Graham Stewart, CEO           


Panmure Gordon (UK) Limited   Tel: + 44 20 7886 2500

Katherine Roe/Callum Stewart  


Oriel Securities Limited      Tel: +44 20 7710 7600

Michael Shaw/Ashton Clanfield


FTI Consulting                Tel: +44 20 7831 3113

Billy Clegg/Edward Westropp





Ian Wilson, Exploration Manager U.K. of  Faroe Petroleum and a Geologist  (PhD 
in Earth Sciences  from University  of Leeds), who  has been  involved in  the 
energy industry 25 years,  has read and approved  the technical disclosure  in 
this regulatory announcement.







Notes to Editors

The Company  has, through  successive licence  applications and  acquisitions, 
built a  substantial  portfolio  of exploration,  appraisal,  development  and 
production assets across the Atlantic Margin,  the UK and Norwegian North  Sea 
and the Norwegian Sea. Faroe has extensive experience working with major  oil 
companies and its joint venture partners include BP, Chevron, DONG, ENI,  E.ON 
Ruhrgas, GDF, OMV, RWE Dea, Statoil and Wintershall.



The Company's  licence  portfolio provides  considerable  spread of  risk  and 
reward, encompassing over 50 licences located in the Atlantic margin (West  of 
Shetlands), the UK North Sea and  Norway. In addition Faroe has interests  in 
10 producing oil and gas fields in  the UK and Norway, including interests  in 
the Blane oil field in the UK  and the Brage, Hyme, Njord, Ringhorne East  and 
Jotun oil and gas fields in Norway.



Faroe Petroleum plc is quoted on the  AIM Market of London Stock Exchange  plc 
with offices in Aberdeen, Stavanger, London and Torshavn. The Company is  well 
financed with a fully funded drilling  programme and has a highly  experienced 
technical team at the leading  edge of seismic and geological  interpretation, 
reservoir engineering and field  development, focused on creating  exceptional 
value for its shareholders.



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCDMMZGGKDGZZZ -0- Oct/26/2012 06:00 GMT