25 May 2012

New Norway licences for Faroe

18/01/2012 Robert Tyerman

Faroe Petroleum (FPM) has won seven new prospective exploration licences in the Norwegian Continental Shelf.

The Aberdeen-based company says the Norwegian authorities have awarded it two licences in the Norwegian North Sea's productive Halten Terrace, including Licence PL645, the 'Novus' prospect, where Faroe is operator with a 50 per cent stake.

In addition, AIM-quoted Faroe has won three licences in the Northern Sea, where it has 20 per cent of each and partners include Centrica and Total of France, as well as two licences in the North Sea's Ergesund Basin, where Faroe is operator with stakes of 75 per cent and 50 per cent.

Chief executive Graham Stewart argues winning these licences is a 'real testament to the skills and creativity of the technical team we have in place' and comments the licences bring Faroe into several 'exciting' new joint venture relationships, while continuing its successful relationship with Centrica, 'with whom we have made three discoveries in the past two years.'

First recommended by Growth Company Investor at 82p in 2009, with a hold recommendation at 156p last October, Faroe shares have hit 214p and now trade at 165.25p, down 0.75p this morning and valuing the company at £351 million. Partial profit taking might be prudent, while retaining a chunk for potential growth in the near to longer term.

Tags: AIM market, Centrica, Graham Stewart, Norwegian North Sea, Total

Sector: Oil & Gas Producers

Companies: Faroe Petroleum

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