Faroe Petroleum Plc Regulatory News (FPM)

1 Jun 2007 07:01

Faroe Petroleum PLC01 June 2007 1 June 2007 Faroe Petroleum plc ("Faroe Petroleum", or "the Company") Faroe Petroleum awarded further licence in Norway Faroe Petroleum, the AIM quoted oil and gas Company focusing on exploration,appraisal and undeveloped field opportunities in the Atlantic Margin, the NorthSea and Norway, announces that it has been awarded a further Norwegian licence,under the Norwegian APA Round, as announced by the Norwegian Ministry ofPetroleum and Energy yesterday. The new licence, which includes the stratigraphic interval above the base of thechalk, covers approximately 390 square kilometres. The licence contains a chalkprospect and lead, which are both located approximately 10 km to the north eastof the Valhall Field. The licence is situated within the prolific chalk basin,which has to date produced well over 3.5 billion barrels of oil. Theco-venturers are DNO (30% and operator), Ener (20%), Lundin (20%) and Faroe(20%). The work programme consists of the reprocessing of existing 3D seismicdata over the licence to identify a drilling location in advance of a drill ordrop decision within two years. Graham Stewart, Chief Executive of Faroe Petroleum, commented: "Faroe Petroleum is very pleased to have been awarded this further licence,which brings to seven the number of licences we now have in Norway, firmlyestablishing Faroe Petroleum as a significant player in the region, and one ofthe most successful licence applicants in the 2006 APA Round. We are veryexcited about the potential in Norway and look forward to progressing theseopportunities to the drilling phase. With our strong cash position, ourshareholders benefit from significant participation in a portfolio which holds agood balance of high, medium and low risk/reward opportunities." - Ends - For further information, please contact: Faroe Petroleum plc Graham Stewart Tel: 01224 652 810 Financial Dynamics Jonathon Brill/Billy Clegg/Edward Westropp Tel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange