Three of the licenses surround the company’s existing Pil and Bue discoveries in the Norwegian Sea while the other two are in the Norwegian North Sea, which includes one license that will be operated by Faroe.

Faroe Petroleum chief executive Graham Stewart said: "These new awards enhance our licence portfolio, which is one of the largest on the Norwegian Continental Shelf."

"The new licences and licence extensions add exciting potential to the Company in Norway and further boost our already significant position in the highly prospective area surrounding our Pil and Bue discoveries."

Norkse Shell will operate and own a 40% stake in PL793 Portrush license while the other stake holders include Faroe (20%), Petoro (20%) and VNG (20%).

The PL794 Rosapenna license will be operated by Statoil with a 40% stake while Faroe, E.ON Ruhrgas and VNG will each hold a 20% interest in the license.

Faroe will also hold a 50% interest in the PL792 Slynge license, with Centrica operating and holding the other half of the project.

In the Norwegian North Sea, Faroe will hold a 20% interest in the PL627B Shango extension licence.

Total will hold a 40% stake and be the operator of the license whereas Centrica Norge and Set Norske will each own hold a 20% interest.

The PL676BS Firklover extension license will be operated by Faroe with a 40% interest.

Total Exploration and Production Norge and Petoro will each hold a 20% stake whereas E.ON Ruhrgas and Det Norske Oljeselskap will each own a 10% interest in the PL676BS Firklover extension license.