TIDMFPM
RNS Number : 5918P
Faroe Petroleum PLC
26 October 2012
26 October 2012
Faroe Petroleum plc ("Faroe Petroleum", "Faroe" or the
"Company")
Faroe Petroleum awarded several new licences on the UK
Continental Shelf
Faroe Petroleum, the independent oil and gas company focusing
principally on exploration, appraisal and production opportunities
in the Atlantic margin, the North Sea and Norway, is pleased to
announce that it has provisionally been awarded seven new
exploration licences on the UK Continental Shelf in the UK's 27th
Offshore Licensing Round.
Grouse Extension (Blocks 217/14 & 217/15) - Faroe Petroleum
37.5% and operator
This west of Shetland traditional licence is located in the
North of the Faroe-Shetland Basin. The blocks contain the extension
of the Company's existing Grouse prospect, a large structural and
stratigraphic trap within post--basalt strata, in a new exciting
exploration play in the west of Shetland area. The licence work
programme for the Grouse Extension is to be confirmed but it is
anticipated that it will tie in with the programme for the existing
Grouse licence.
Glenfarclas (Blocks 208/21 (part), 208/26 & 214/30d) - Faroe
Petroleum 33.34% and operator
This west of Shetland traditional licence is situated on the
south-eastern flank of the Faroe-Shetland Basin to the North of the
Glenlivet gas discovery in which Faroe Petroleum has a 10%
interest. The Glenfarclas Prospect is a large structural and
stratigraphic trap of Palaeocene age, and exhibits an amplitude
anomaly. The licence work programme for Glenfarclas involves
reprocessing 3D seismic data and additional geotechnical studies,
prior to making a drill or drop decision.
Dunvegan (Blocks 205/16b (part), 205/17 (part), 205/21c &
205/22b) - Faroe Petroleum 50% and operator
This west of Shetland traditional licence is situated at the
southern end of the Faroe-Shetland Basin. Dunvegan and the
associated leads are combined structural and stratigraphic traps
within Lower Cretaceous strata, associated with strong seismic
amplitudes and located within a regional three-way closed
structure. The licence work programme for Dunvegan involves
shooting new long offset 2D seismic data and additional
geotechnical studies, prior to making a drill or drop decision.
Ribbon (Block 206/7b) - Faroe Petroleum 50%
This west of Shetland traditional licence, to be operated by
E.ON E&P UK Limited, is situated on the eastern flank of the
Faroe-Shetland Basin, adjacent to the Clair oil field.
Prospectivity has been identified within both Palaeocene and
Cretaceous strata. The licence work programme involves reprocessing
3D seismic data and additional geotechnical studies, prior to
making a drill or drop decision.
Blocks 29/12 (part), 29/13 (part) & 29/14 - Faroe Petroleum
33.33%
This Central North Sea traditional licence, to be operated by
Endeavour Energy (U.K.) Limited, is located on the southern margin
of the Central Graben. A number of leads have been identified at
both Palaeocene and Jurassic levels. The licence work programme
involves obtaining and reprocessing 2D seismic data and additional
geotechnical studies, prior to making a drill or drop decision.
Greater Perth Area Block 15/16e - Faroe Petroleum 33.33%
This traditional licence, to be operated by DEO Petroleum
Exploration Limited, is located in the Outer Moray Firth,
north-east of the Perth oil field, in which the partners hold an
interest. Prospectivity has been identified within Upper Jurassic
strata and is to be de-risked through a work programme comprised of
obtaining and reprocessing 3D seismic data, in addition to other
geotechnical studies, prior to making a drill or drop decision.
Blocks 3/28c & 9/3e - Faroe Petroleum 50%
This traditional licence, to be operated by RWE Dea UK SNS
Limited, is located on the western edge of the Northern North Sea
Viking Graben to the north of the BP operated Bruce field.
Prospectivity has been identified within the Palaeocene section in
an exciting new play concept for the area. The licence work
programme involves reprocessing of 3D seismic data and additional
geotechnical studies, prior to making a drill or drop decision.
Graham Stewart, Chief Executive of Faroe Petroleum,
commented:
"I am very pleased to report these new licence awards in both
the Atlantic Margin and the North Sea. We have secured a number of
significant new leads and prospects in a variety of geological
settings which compliment and further diversify our extensive
exploration portfolio".
"In the meantime we await the results of the two UK exploration
wells currently being drilled namely the West of Shetland N.Uist
well (6.25%) and the North Sea Spaniards East well (8.4%)."
- Ends -
For further information please contact:
Faroe Petroleum plc Tel: +44 1224 650 920
Graham Stewart, CEO
Panmure Gordon (UK) Limited Tel: + 44 20 7886 2500
Katherine Roe/Callum Stewart
Oriel Securities Limited Tel: +44 20 7710 7600
Michael Shaw/Ashton Clanfield
FTI Consulting Tel: +44 20 7831 3113
Billy Clegg/Edward Westropp
Ian Wilson, Exploration Manager U.K. of Faroe Petroleum and a
Geologist (PhD in Earth Sciences from University of Leeds), who has
been involved in the energy industry 25 years, has read and
approved the technical disclosure in this regulatory
announcement.
Notes to Editors
The Company has, through successive licence applications and
acquisitions, built a substantial portfolio of exploration,
appraisal, development and production assets across the Atlantic
Margin, the UK and Norwegian North Sea and the Norwegian Sea. Faroe
has extensive experience working with major oil companies and its
joint venture partners include BP, Chevron, DONG, ENI, E.ON
Ruhrgas, GDF, OMV, RWE Dea, Statoil and Wintershall.
The Company's licence portfolio provides considerable spread of
risk and reward, encompassing over 50 licences located in the
Atlantic margin (West of Shetlands), the UK North Sea and Norway.
In addition Faroe has interests in 10 producing oil and gas fields
in the UK and Norway, including interests in the Blane oil field in
the UK and the Brage, Hyme, Njord, Ringhorne East and Jotun oil and
gas fields in Norway.
Faroe Petroleum plc is quoted on the AIM Market of London Stock
Exchange plc with offices in Aberdeen, Stavanger, London and
Torshavn. The Company is well financed with a fully funded drilling
programme and has a highly experienced technical team at the
leading edge of seismic and geological interpretation, reservoir
engineering and field development, focused on creating exceptional
value for its shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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