Faroe Petroleum Plc (LSE:FPM) has been awarded a new exploration licence in Norway and has been prequalified as an operator for the Norwegian Continental Shelf. Faroe focuses principally on exploration, appraisal and undeveloped field opportunities in the Atlantic margin, the North Sea and Norway. Faroe Petroleum entered Norway in 2006 in order to complement the Company's strategic Atlantic Margin position. According to the company, Norway is recognised as having vast untapped oil and gas potential.
The Company has been awarded a 30% interest in PL477B, which is located adjacent to the Company's existing PL477 Cooper licence. A drill-or-drop decision is to be taken in 2011. Announcing the licence, the CEO Graham Stewart said:
"Faroe Petroleum is very pleased to have been awarded this prospective licence applied for in the 2009 Norwegian APA licensing round. This new asset complements the Company's existing licence portfolio in Norway, and we are currently considering applying for licences in the upcoming 21(st) Licensing Round in Norway, in which some very exciting new licences are expected to be offered".
