Faroe pre-qualified as operator in Greenland
(Thomson Reuters ONE) - 24 November 2009 Faroe Petroleum plc ("Faroe", the "Company") Faroe pre-qualified as operator in GreenlandFaroe Petroleum, the independent Oil and Gas Company focusingprincipally on exploration, appraisal and undeveloped fieldopportunities in the Atlantic margin, the North Sea and Norway, ispleased to announce that, in advance of potentially submittingapplications for licences, it has pre-qualified as an operator forthe Greenland 2010 Baffin Bay Licensing Round.The undiscovered oil and gas potential offshore West Greenland, whichincludes the Baffin Bay Licensing Round area, is estimated by theU.S. Geological Survey (USGS) to contain up to 18 billion barrels ofoil equivalent.The Baffin Bay Licensing Round, for which applications are beingsought by May 2010, covers the prospective north west area ofGreenland and is north of the Disko area where licences were awardedto a number of companies including Cairn Energy, Chevron and Exxon,in 2007. The area to be licensed is substantial and has been dividedinto 14 licence blocks covering a total area of 151,358 km². Seismicdata coverage has improved significantly during recent years inpreparation for licensing rounds in the region and there are nineseismic surveys available covering 21,257 km².The pre-qualification of Faroe Petroleum as an exploration operatoris a key part of the process the Company is pursuing in advance ofpotentially applying for licences in Greenland. Greenland is amodern, democratic, and politically stable society, within thekingdom of Denmark with home rule government, and strong associationwith Denmark in such areas as foreign policy, common currency,jurisdiction and defence. Licences are granted on terms very similarto the well known terms applicable in the North Sea. The fiscalterms for future production in Greenland are similar to those inplace for the UK and the Faroe Islands and are generally regarded asattractive.Graham Stewart, Chief Executive of Faroe, commented:"We are pleased to announce our pre-qualification as an operator inGreenland, ahead of the upcoming 2010 Baffin Bay Licensing Round. Asa key part of the Arctic region, with its potential to hold up to 25%of the world's undiscovered oil and gas resources, this is a veryimportant and significant exploration opportunity. Greenland wouldrepresent a natural progression for Faroe Petroleum as a frontierexploration company focused on the Atlantic Margin and Norway andwith its origins in the Faroe Islands."This is a technical and geopolitical environment in which we believewe have strong credentials to build a successful explorationportfolio and we are excited at the opportunity it presents to us". - Ends -EnquiriesFaroe Petroleum plcGraham StewartTel: +44 1224 650 920Panmure GordonDominic Morley/ Ashton ClanfieldTel: +44 20 7459 3600Financial DynamicsBilly Clegg/Edward WestroppTel: +44 20 7831 3113Notes to EditorsThe Company is actively building a balanced portfolio of exploration,appraisal and production properties, with significant stakes and anactive work programme. Faroe Petroleum has through successivelicence applications and acquisitions built a substantial portfolioof exploration, appraisal, development and production assets acrossthe Atlantic Margin, the UK and Norwegian North Sea and the NorwegianSea. The licence portfolio provides considerable spread of risk andreward, encompassing nearly 50 licences with eight licences West ofShetlands, six licences offshore the Faroe Islands, two licences inthe Moray Firth area of the UK Central North Sea, nine licences inthe Southern gas basin and 20 licences in the Norwegian North Sea,Norwegian Sea and Barents Sea. In addition Faroe has interests infive producing oil and gas fields in the UK and Norway. FaroePetroleum's joint venture partners include BP, Chevron,ConocoPhillips, DONG, DSM, Eni, E.ON Ruhrgas, GDF, OMV, RWE Dea,Shell and Statoil all of which have an outstanding track record inoil and gas exploration and development.Faroe Petroleum is quoted on the AIM Market of the London StockExchange with offices in Aberdeen, Stavanger and Torshavn. TheCompany has a highly experienced team of professionals focused oncreating exceptional value for its shareholders.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 24.11.2009 - 08:03 Uhr
Sprache: Deutsch
News-ID 8763
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