Faroe acquires 14% interest in Norwey

Faroe Petroleum, the oil and gas company working in the Atlantic Margin, the North Sea and Norway, has agreed to acquire a 14% interest in Norwegian Licence PL289 from Gaz de France Norge on a promoted basis. PL289 contains the substantial Marsvin prospect which is scheduled to be drilled in April 2008.

The Licence is located on the border with Denmark and in close proximity to PL147, in which Faroe recently acquired a 10% interest from Shell and which contains the undeveloped Trym gas / condensate field.

As well as the Marsvin oil prospect, the licence contains two further attractive prospects, located close to the Trym field (Faroe 10%).

Graham Stewart, Faroe’s chief executive said the acquisition brought to 11 the number of assets in the company’s Norwegian portfolio, continuing its rapid growth in this high potential area.