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 wins six Norwegian offshore licences
Wed, 20th Jan 2016 14:54
(ShareCast News) - Faroe Petroleum said it had been awarded six new Norwegian exploration licences.The independent oil and gas company said it won the licences, which include two operatorships, under the 2015 Norwegian APA (Awards in Pre-defined Areas) Licence Round on the Norwegian Continental Shelf.Chief executive Graham Stewart said the award would add further upside potential to Faroe's portfolio."Significantly, we have further consolidated our position in core areas of the Norwegian continental shelf in which we have enjoyed recent exploration success, enhancing our acreage positions near and around the greater Njord Areas and the Butch development project," he said."At this stage no well commitments have been offered and should we and our partners progress these toward exploration drilling, Faroe continues to benefit from the Norwegian tax system whereby 78% of all exploration related expenditure is eligible for a tax rebate in the following year.""Faroe has a material and exciting drilling programme in 2016; we are currently drilling the Kvalross exploration well in the Barents Sea and have two further firm wells in the Norwegian Sea later in the year.""Coupled with strong production, a solid cash position and largely un-utilised credit facilities we are confident in our ability to take advantage of opportunities which the current depressed oil price environment presents."
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