For those of you that don't know Faroe, it's an an oil and gas explorer/producer drilling in the Atlantic Margin (Faroe Islands and UK West of Shetlands), the North Sea and Norway. It has a balanced portfolio of 49 exploration, appraisal, development and production licence interests. JV partners include joint venture partners include Bayern Gas, BP, Chevron, Conoco Phillips, RWE, Shell and the like...

There was speculation earlier in the year about a tie-up between Faroe and Dana Petroleum, which has blocks nearby? Faroe’s chief executive, Graham Stewart, used to be finance director of Dana and left to set up Faroe, so they obviously know each other well. However, this seems to have gone nowhere.

Since entering Norway in 2006, Faroe Petroleum has built a significant portfolio of 20 Norwegian licences to complement its existing Atlantic Margin and North Sea portfolios. The Company now holds the largest portfolio of Norwegian licences among all AIM listed oil companies. Accordingly, the Company’s activity level is ramping up as follows:
- Drilling of at least six Norway wells in next two years, with three planned in 2008;
- Substantial 3D seismic survey over three exploration licences in Norwegian Sea;

Seems like a very promising business - views?

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