17 Dec 2015 12:27
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Faroe Petroleum Plc Information
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Don't have an account? Click here to register.Faroe Petroleum awarded new licence in Irish Atlantic margin
Thu, 07th Jul 2016 14:45
(ShareCast News) - Oil and gas company Faroe Petroleum was awarded a new three-year licence option in the Irish offshore by the 2015 Atlantic margin licensing round (AMLR).The 16/23 licensing option covers 960km in the Slyne/Erris Basin. It is one of the second tranche of awards made under the AMLR.Faroe Petroleum operates the licence and has a 100% working interest in it.The operating licence is about 280 meters of water and is about 15km east of Royal Dutch Shell's Corrib gas field, which went on-steam at the end of 2015.The AIM listed company said its main objective was to improve the seismic image of the company by applying recent advances in modern seismic reprocessing techniques, which will be carried out alongside other geological tests."We are pleased to have been awarded this licensing option, offshore Ireland, where we see attractive prospectivity in the same play as the significant Corrib field." said chief executive Graham Stewart."We now have an opportunity to screen potentially significant exploration targets, close to the producing Corrib field, using our extensive knowledge and experience in seismic reprocessing and interpretation. If the results of the initial work programme are successful and prospectivity is firmed up, the next steps would be to commit to the acquisition of new seismic data and bring in suitable partners ahead of potential exploration drilling."Shares in Faroe Petroleum rose 1.52% to 67p at 1448 BST.
More News
4 Dec 2015 12:46
UPDATE 1-Oil firms pile in as Norway moves exploration closer to Russia
(Adds comments by minister, applicants, background) OSLO, Dec 4 (Reuters) - Norway has received applications from 26 oil firms seeking drilling permissions in a licensing round set to move the search for hydrocarbons closer to its border with Russia, the country's Oil and Energy Ministry sa
Read more4 Dec 2015 10:28
RPT-Oil firms pile in as Norway moves exploration closer to Russia
(Repeats to attach alerts to article, no changes in text) OSLO, Dec 4 (Reuters) - Norway has received applications from 26 oil firms seeking drilling permissions in a licencing round set to move the search for hydrocarbons closer to its border with Russia, the country's Oil and Energy Minis
Read more4 Dec 2015 10:27
Oil firms pile in as Norway moves exploration closer to Russia
OSLO, Dec 4 (Reuters) - Norway has received applications from 26 oil firms seeking drilling permissions in a licencing round set to move the search for hydrocarbons closer to its border with Russia, the country's Oil and Energy Ministry said on Friday. Applicants in the so-called 23rd round
Read more10 Nov 2015 10:00
Barclays downgrades Premier Oil, Cairn Energy
(ShareCast News) - Barclays has downgraded Cairn Energy and Premier Oil and initiated on Faroe Petroleum with a neutral stance as it believes the trio are eclipsed by other stocks in the sector that currently offer a more attractive valuations. Cairn Energy is lowered to 'underweight' from 'equalwei
Read more23 Sep 2015 09:20
Faroe Petroleum begins work on second Blink prospect well
(ShareCast News) - Oil and gas company Faroe Petroleum has begun work on the second Pil/Bue follow-up well on the Blink prospect in the Norwegian Sea. Faroe said the 6406/12-5S exploration well, in which it owns a 25% stake, has been spudded. Chief executive Graham Stewart said: "I am very pleased
Read more17 Sep 2015 15:26
Faroe Petroleum finds oil in Boomerang well
(ShareCast News) - Faroe Petroleum has struck oil in the main bore of the Boomerang exploration well at the Pil/Blue discovery in the Norwegian Sea. The AIM-listed oil and gas company, which has a 25% interest in the project, said the well encountered good reservoir properties and moveable oil with
Read more17 Sep 2015 08:22