Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the Atlantic margin and the North Sea, is pleased to announce that it has provisionally been awarded two new exploration licenses on the UK Continental Shelf in the UK’s 28th Offshore Licensing Round.

Fynn – Blocks 15/11 & 15/16d – Faroe 25%
Located in the Central North Sea, approximately six kilometres from the Faroe operated Lowlander Field, Fynn is a down-thrown prospect comprising Jurassic-aged Piper sandstones. The work programme comprises a contingent well and pre-stack-depth-migration (“PDSM”) processing. Well contingency is dependent on the successful outcome of the seismic processing.

The licence joint venture partners are Parkmead E&P Limited (25% and operator), with co-venturers Verus Petroleum SNS Limited (25%) and CalEnergy Gas Limited (25%).

Perth Field Extension – Block 14/25 – Faroe 34.62%
Block 14/25 is located immediately to the west of the undeveloped Perth Field into which the western edge of the Perth Field extends. The work programme comprises a drill or drop well and PSDM seismic processing.

The licence joint venture partners are DEO Petroleum U.K. Limited, a subsidiary of Parkmead (52.03% and operator) and Atlantic Petroleum UK Limited (13.35%).

Graham Stewart, Chief Executive of Faroe Petroleum, commented:
“I am pleased to report these new licence awards within the Central North Sea area of the UK. Securing these two promising licences further extends our acreage position around the strategically important Perth/Dolphin/Lowlander development opportunity, in which Faroe holds a majority stake, and further diversifies our extensive exploration portfolio.”

About Faroe Petroleum

Faroe Petroleum is quoted on the AIM Market of London Stock Exchange plc with offices in Aberdeen, Stavanger, London and Torshavn. The Company is funded from cash reserves and cash flow, and has access to a $250m borrowing base facility, with a fully funded drilling programme through 2014 and 2015. Faroe has highly experienced technical teams who are leaders in the areas of seismic and geological interpretation, reservoir engineering and field development, focused on creating exceptional value for its shareholders.