FAROE Petroleum has been awarded a clutch of licences off Norway in a success that analysts said underlined the company's status but has also suffered a drilling disappointment off country.
FAROE Petroleum has been awarded a clutch of licences off Norway in a success that analysts said underlined the company's status but has also suffered a drilling disappointment off country.
OIL GOOD: Faroe chief executive Graham Stewart hailed the new licence wins and said the firm had 'robust' cash balances.
Custom byline text:
Mark Williamson
Aberdeen-based Faroe was a big beneficiary of the latest licensing round in Norway in which it was awarded eight licences. The awards increase the size of its Norwegian portfolio by a third.
Chief executive Graham Stewart said the new licences significantly enhance Faroe's strategic position in Norway, which is attracting increased attention from the industry's big guns.
We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis. If you're a relatively new user then your comments will be reviewed before publication and if we know you well then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules, which are available here.
Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.
