TIDMFPM
RNS Number : 4151N
Faroe Petroleum PLC
17 January 2019
17 January 2019
Faroe Petroleum plc
("Faroe Petroleum", "Faroe", the "Company")
Eight exploration licences awarded in Norway
Faroe Petroleum, the independent oil and gas company focussing
principally on exploration, appraisal and production opportunities
in Norway and the UK, is pleased to announce that it has been
awarded eight new prospective exploration licences, including four
operatorships, in the Norwegian North Sea under the 2018 Norwegian
APA (Awards in Pre-defined Areas) Licence Round.
Licence PL 969 Edinburgh - Blocks 1/6 and 1/8: Faroe (45% and
operator), Shell (40%) and Spirit (15%): The Edinburgh structure is
a cross-border (Norway-UK) prospect located in the Central North
Sea with reservoirs in Jurassic and Triassic sandstones. The work
programme involves geological and geophysical studies before a
drill or drop decision by February 2021.
Licence PL 1007 Elysium - Blocks 6506/7, 6506/8 and 6506/10:
Faroe (40% and operator), OMV (20%), Equinor (20%) and Spirit
(20%): The Elysium Prospect is a four-way closure located on the
highest part of the Sklinna Ridge in the Norwegian Sea and just to
the south of the recent PL 644 Iris Hades discoveries. The work
programme involves reprocessing of 3D data and a drill or drop
decision by February 2021.
Licence PL 968 Portishead - Block 2/2, 2/5, 2/6 and 2/8: Faroe
(40% and operator), AkerBP (20%), MOL (20%) and Petoro (20%): The
Portishead prospect is defined as a stratigraphic trap in the
Ty/Heimdal and Borr sandstones, similar to those encountered in the
Faroe operated SE Tor licence. The work program involves
reprocessing of 3D data with a drill or drop decision in 2021.
Licence PL 1006 Griffon Vulture - Blocks 6405/3, 6406/1, 6505/12
and 6506/10: Faroe (30%) and Equinor (70% and operator): The
licence contains the Griffon Vulture Prospect in smilar Cretaceous
sandstones as the recent Hades discovery to the north. The work
programme involves reprocessing of 3D data and a drill or drop
decision by February 2021.
Licence PL 983 Såta - Blocks 16/3, 17/1, 17/2, 25/12, 26/8,
26/10 and 26/11: Faroe (20%), Equinor (40% and operator), Petoro
(20%) and Total (20%): The licence is located in the Åsta Graben,
50 km east of the Utsira High. Several prospects have been
identified, with the main prospect being Såta that isa four-way
closure with reservoirs in the Sandnes and Statfjord formations.
The work programme involves acquiring seismic broadband 3D data
before a drill or drop decision by February 2021.
Licence PL 644 C Iris/Hades Extension - Block 6506/10: Faroe
(20%), OMV (30% and operator), Equinor (40%) and Spirit (10%): This
licence contains a potential southward extension of the Hades
Discovery. The work programme is the same as the existing PL 644
licence.
Licence PL 019 H Ula Extension - Block 7/12: Faroe (20%), AkerBP
(80% and operator). The licence contains a potential northward
extension of the Ula North Discovery. The work programme is
geological and geophysical studies before a drill or drop decision
in February 2020.
Licence PL 006 F SE Tor extension - Block 2/5: Faroe (85% and
operator), AkerBP (15%): This licence contains a portion of the
Paleocene Gomez exploration target which extends outside the
existing Faroe operated SE Tor Licence. The work programme is the
same as the existing PL006 C SE Tor licence.
Graham Stewart, Chief Executive of Faroe Petroleum,
commented:
"We are very pleased to announce the award of eight new and
prospective licences in the latest Norwegian licensing round. We
have further consolidated our position in core areas of the
Norwegian continental shelf in which we have delivered recent
exploration success.
"We look forward to high-grading these new licence opportunities
iin the coming period. This good quality new exploration acreage,
together with our enhanced production portfolio and development
pipeline, ensures that our shareholders are exposed to a well
balanced and sustainable set of growth opportunities going
forward.
- Ends -
For further information please contact:
Faroe Petroleum plc Tel: +44 (0) 1224 650
Graham Stewart, CEO 920
Stifel Nicolaus Europe Limited Tel: +44 (0) 20 7710
Callum Stewart / Nicholas Rhodes / Ashton 7600
Clanfield
BMO Capital Markets Tel: +44 (0) 207 236
Tom Rider / Jeremy Low / Tom Hughes 1010
FTI Consulting Tel: +44 (0) 20 3727
Ben Brewerton / Sara Powell / Toby Chidavaenzi 1000
Andrew Roberts, Group Exploration Manager of Faroe Petroleum and
a Geophysicist (BSc. Joint Honours in Physics and Chemistry from
Manchester University), who has been involved in the energy
industry for more than 30 years, has read and approved the
exploration and appraisal disclosure in this regulatory
announcement.
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Notes to Editors
The Company has, through successive licence applications and
acquisitions, built a substantial and diversified portfolio of
exploration, appraisal, development and production assets in
Norway, the UK and Ireland. Faroe has extensive experience working
closely with major and independent oil companies and is an
experienced operator of both exploration and production
licences.
The Company's substantial licence portfolio provides a diverse
spread of risk and reward. Faroe has an active E&A drilling
programme and has interests in a portfolio of producing oil and gas
fields in Norway and the UK, including interests in the Brage,
Ringhorne East, Ula, Tambar and Trym fields in Norway and the Blane
oil field in the UK. In 2016 the Company completed the acquisition
of a package of Norwegian producing assets from DONG Energy
including interests in the Ula, Tambar, Oselvar and Trym fields and
in December 2018 announced a transaction with Equinor to swap the
Company's interests in Njord, Hyme and Bauge for interests in four
producing fields, Alve, Marulk, Ringhorne East and Vilje .
In November 2013 and March 2014 Faroe announced the Snilehorn
(Bauge) and Pil (Fenja) discoveries in the Norwegian Sea in close
proximity to the Njord and Hyme fields. In July 2016, the Company
announced the Brasse discovery, close to the Brage field, and the
Njord North Flank (Bauge) discovery, close to the Njord field, both
in Norway. In February 2018, the Company announced the sale of part
of its interest in the Fenja field and in April 2018 announced the
significant Iris and Hades discoveries.
Norway operates a tax efficient system, which incentivises
exploration, through reimbursement of 78% of costs in the
subsequent year. Faroe has built an extensive portfolio of high
potential exploration licences in Norway, which, together with its
established UK North Sea positions provides the majority of
prospects targeted by the Company's sustainable exploration
drilling programme. Faroe has had significant success in
exploration on the Norwegian continental shelf, and the great
majority of the Company's 2P reserves have been generated directly
from Faroe's exploration success.
Faroe Petroleum is quoted on the AIM Market of London Stock
Exchange. The Company is funded from cash reserves and cash flow,
with a net cash position of GBP83 million (unaudited) at 30 June
2018, up from GBP75 million at 31 December 2017 and in addition has
access to a $350 million reserve base lending facility. The Company
has also raised a $100 million senior unsecured bond which is
listed on the Oslo Børs. Faroe has a highly experienced technical
team who are leaders in the areas 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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