The history of Faroe Petroleum
The Company was formed in 1997 with the establishment of Føroya Kolvetni in the Faroe Islands where the Company was awarded two licences, in partnership with ENI, in the first Faroese licensing round in 2000. In December 2002 Faroe Petroleum plc was established as the UK holding company for Føroya Kolvetni and the shares were admitted to trading on AIM in June 2003. Faroe was awarded its first UK licenses in the west of Shetland area in 2004 and entered Norway in 2006.
Since inception, the Company has matured with a significant growth in its portfolio which started with two exploration licences offshore the Faroe Islands to a balanced full-cycle portfolio of more than 60 exploration, appraisal, development and production assets that span Norway, the Atlantic margin and the UK North Sea.
The Company’s exploration drilling has over recent years had several significant discoveries, including Glenlivet and Tornado, UK west of Shetlands, in 2009; Fogelberg and Maria, Norway, in 2010; Butch, Norway, in 2011; Rodriguez, Norway, in 2012; Snilehorn, Norway, in 2013; and Pil and Solberg, Norway, in 2014.