(WO) — Atlantic Petroleum has submitted an application for a new exploration and production license in the Faroe Islands under the country’s Open Door Licensing Regime.
The application was submitted to Jarðfeingi, the Faroese geological and energy authority, through an associated company currently being formed. Atlantic Petroleum expects to hold a 40% carried equity interest in the applicant company.
The company did not disclose the location or size of the acreage covered by the application, prospective resources or details of a proposed exploration program.
Under the Open Door Licensing Regime, submission of an application does not constitute an award of the acreage. Jarðfeingi may issue a public notice announcing receipt of the application, after which other interested companies can apply for the same area or portions of it.
Competing applicants will have at least 90 days from publication of the notice to submit applications before a license may be granted.
About The Author
