Faroe Petroleum Plc focuses on exploration, evaluation and development of oil and natural gas field opportunities in the Atlantic Margin, North Sea and Norway offshore regions.
Faroe Petroleum Plc was founded in December 2002, and its shares were admitted to trading on the Alternative Investment Market of the London Stock Exchange in June 2003. Since acquiring its first UK licence in 2004, Faroe has increased its portfolio from two licences near the Faroe Islands to one that includes holdings in the Faroes, UK West of Shetlands, Norway and the UK southern North Sea.
The Company works to develop and invest in a varied assortment of operated and non-operated properties, and holds a portfolio of exploration and appraisal assets in the Atlantic Margin, North Sea, Norwegian Sea and Barents Sea. The portfolio balances between higher risk/higher reward assets in the Atlantic Margin and deep water off Norway, lower risk/lower reward assets in the North Sea, and development and production holdings in offshore UK and North Sea areas.
Faroe Petroleum has partnered in joint ventures with companies such as BP, Chevron, DONG, Eni, E.ON, OMV, RWE, and Statoil.
Faroe Petroleum announced in November, 2010 that an exploration well drilled in the Licence 005 area off the Faroe Islands had reached its full depth and had found “robust evidence of the presence of an active petroleum system.” Further analysis is under way. In addition, the company announced that drilling has begun on a new Lagavulin well in the Atlantic Margin area, located in an area with estimated reserve potential of more than 500 million barrels of oil equivalent. Lagavulin is one of the Atlantic Margin’s largest undrilled expanses. The well is expected to take around 120 days to complete.
In October, 2010, the company also announced that it was provisionally awarded 4 new licences in the West of Shetlands offshore area in the UK 26th Licencing Round, adding to its assets in an area where Faroe Petroleum is already active and knowledgeable.
The Company has offices in Aberdeen, U.K.; Stavanger, Norway and Torshavn, Faroe Islands.
Shares of Faroe Petroleum (FPM) are listed on the London Stock Exchange’s Alternative Investment Market and were at 172.25 p as of 29 October 2010.