LONDON (SHARECAST) - North Sea oil explorer Faroe Petroleum said it has been provisionally awarded seven new exploration licences on the UK Continental Shelf in the UK's 27th Offshore Licensing Round.
The Aberdeen based oil and gas firm, which last month increased its annual oil production forecast, said the new licence awards in both the Atlantic Margin and the North Sea boosts its prospects in a variety of geological settings.
Chief Executive Graham Stewart commented: "We have secured a number of significant new leads and prospects...which compliment and further diversify our extensive exploration portfolio."
The licences include one in the west of Shetland in the North of the Faroe-Shetland Basin. Faroe said: "The blocks contain the extension of the company's existing Grouse prospect, a large structural and stratigraphic trap within post‐basalt strata, in a new exciting exploration play in the west of Shetland area."
The group added: "In the meantime we await the results of the two UK exploration wells currently being drilled namely the West of Shetland North Uist well (6.25%) and the North Sea Spaniards East well (8.4%)."