Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic Margin, Norway and the UK, is pleased to announce the 22nd Norwegian Licence Round award of a new licence PL716 in the Barents Sea.

The Dazzler prospect contained within PL716 (Faroe 20%) is located 90 kilometres to the north west of the recent Skrugard and Havis oil discoveries and lie in approximately 450 metres of water. The main prospect is positioned on the southern flank of the Stappen High adjacent to the Bjørnøya Basin and consists of a large horst structure, which is well defined by recently acquired 3D seismic and has significant volumetric potential.

The work programme consists of drilling of one firm well with a target depth of the shallower of: i) 50m into the Triassic Snadd formation, or ii) 3,500 metres. The licence which is contained within Blocks 7318/11 & 12 is operated by Eni Norway AS (40%) and the other partners are Bayerngas Norge AS (20%) and Petoro AS (20%)

Graham Stewart, Chief Executive of Faroe, commented:
“Faroe Petroleum is very pleased to have been awarded this prospective exploration licence in the Norwegian 22nd licensing round announced yesterday which further enhances our strategic position in the Barents Sea. We are also pleased to be working again with Eni as operator which has had such success in the Barents Sea.

“This licence delivers a further well to our high impact Norwegian drilling campaign, and we look forward to the commencement of the Snilehorn (Norwegian Sea), Novus (Norwegian Sea) and Butch wells (Norwegian North Sea) in the second half of 2013.”