Faroe Petroleum has provisionally been awarded two new exploration licenses on the U.K. Continental Shelf in the U.K.'s 28th Offshore Licensing Round.

Faroe has a 25% in the Fynn prospect in blocks 15/11 & 15/16d. Located in the Central North Sea, about 6 km (3.7 miles) from the Faroe-operated Lowlander Field, Fynn is a down-thrown prospect comprising Jurassic-aged Piper sandstones. The work program comprises a contingent well and prestack depth-migration (PSDM) processing. Well contingency is dependent on the successful outcome of the seismic processing.

The license joint venture (JV) partners are Parkmead E&P Ltd. (25% and operator), with co-venturers Verus Petroleum SNS Ltd. (25%) and CalEnergy Gas Ltd. (25%).

Faroe has gained a 34.62% interest in Perth Field Extension in Block 14/25. Block 14/25 is located immediately to the west of the undeveloped Perth Field into which the western edge of the Perth Field extends. The work program comprises a drill-or-drop well and PSDM seismic processing.

The license JV partners are DEO Petroleum U.K. Ltd., a subsidiary of Parkmead (52.03% and operator) and Atlantic Petroleum UK Ltd. (13.35%).