Faroe Petroleum announces New exploration licences awarded in Norway

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 been offered three new prospective  licences in the Norwegian Sea  under the 2010 Norwegian APA Licence Round.
Licence  PL475CS, Blocks  6406/3 (part) and  6507/10 (part) -  'Maria Extension' (Faroe  Petroleum 30%, Wintershall  Norge ASA  25% (operator), Concedo ASA 10%, Spring  Energy Norway AS 15%, Centrica  Resources (Norge) 20%).  Faroe Petroleum has  been awarded  a 30% interest  in PL475CS,  which contains  the northern and southern  extensions  to  the  Maria  Discovery  (PL475BS),  which  was  drilled successfully   in  2010, resulting  in  a  significant  oilfield  discovery.  In addition,  this new  licence contains  the Migra  lead, located  to the south of Maria.  The work programme will follow  the current programme for PL475BS, which has no remaining work commitments.
 Licence   PL590,  Blocks  6507/7 (part),  6507/10 (part)  and  6507/11 (part)  - 'Milagro'  (Faroe  Petroleum  30%, North  Energy  (operator) 40% and Wintershall Norge ASA 30%).  Faroe Petroleum has been awarded a 30% interest in PL590, which is  located to the north  of the Maria Discovery  and the Santana prospects. The licence  area contains  a number  of promising  leads and  the Milagro Prospect; which  are  all  located  within  the  Grinda  Graben and are potential tie-back candidates  to  a  Maria  development.  The  work programme will include seismic reprocessing and optional seismic acquisition.
Licence  PL592  Block  6506/9 (part)  'Grayling'  (Faroe Petroleum 50%, Centrica Resources  (Norge)  50% (operator)).  Faroe  Petroleum  has  been awarded a 50% interest in PL592, which is located immediately north of the Fogelberg Discovery (PL433).  The area  contains the  Grayling Prospect  within the Lower Cretaceous sands,  analogous to the T-Rex Prospect, which is scheduled to be drilled in the second  quarter of  2011. The work  programme includes  seismic reprocessing and other  geological studies. A  discovery in this  licence could be potential tie- back candidates to a Fogelberg development.
Graham Stewart, Chief Executive of Faroe Petroleum plc, commented:  
"Faroe Petroleum is very pleased to have been awarded these prospective licences in  the 2010 Norwegian APA licensing round. As well as continuing our successful relationships   with  Wintershall  and  Centrica,  we  have  also  been  awarded substantial equity interests in each licence.  
"These new licences contain some attractive new prospects in close proximity to the Company's existing 2010 Maria and Fogelberg discoveries on the Halten Terrace."
Source: Press release