Faroe Petroleum has been awarded a new license PL716 in the Barents Sea during the 22nd Norwegian Licence Round.
Faroe now owns 20% interest in the license.
The Dazzler prospect within the PL716 is situated 90km to the north west of the earlier Skrugard and Havis oil discoveries and lies in about 450m of water.
The main prospect located on the southern flank of the Stappen High, next to the Bjørnøya Basin, holds the large horst structure, which is well defined by the recently acquired 3D seismic and has significant volumetric potential.
Faroe Petroleum chief executive Graham Stewart said the prospective exploration license won during the Norwegian 22nd licensing round further strengthens its strategic position in the Barents Sea.
"This licence delivers a further well to our high impact Norwegian drilling campaign, and we look forward to the commencement of the Snilehorn (Norwegian Sea), Novus (Norwegian Sea) and Butch wells (Norwegian North Sea) in the second half of 2013," Stewart added.
The work program for the license includes drilling a firm well with a target depth of the shallower of 50m into the Triassic Snadd formation or 3,500m.
The licence is operated by Eni Norway with 40% interest, while other licensees are Bayerngas and Petoro with 20% interest respectively.