Faroe Petroleum gets six new exploration licences

Faroe Petroleum, the independent oil and gas company focussing principally on exploration, appraisal and production opportunities in Norway and the UK, has received six new prospective exploration licences, including two operatorships, under the 2015 Norwegian APA Licence Round on the Norwegian Continental Shelf.
The Company has been awarded three new licences in the Norwegian Sea area:
  • Licence PL836S Yoshi –Reservoirs are expected to be the Middle Jurassic Ile & Tilje formation sands.
  • Licence PL845 Grønøy High –The play concept consists of localised Mesozoic basins sitting on a basement high, similar to the Johan Sverdrup area.
  • Licence PL644B Aerosmith licence extension –This licence represents additional acreage to the existing PL644 Aerosmith license (Faroe 20%) which includes Jurassic prospectivity.
Faroe Petroleum has been awarded three new licences in the Norwegian North Sea area:
  • Licence PL810 Katie –The main prospect is a stratigraphic closure of Upper Jurassic Ula reservoir sands.
  • Licence PL811 Gullaxy –The main prospectivity is located in a similar setting as the Butch Discovery and could add additional volumes to the Butch development.
  • Licence PL825 Rungne –The prospect is a rotated/tilted fault block with Lower Jurassic Brent Group reservoirs.
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