The new license covers an area of approximately 2100 square kilometers and is located within blocks 7223/3, 6 and 7224/1, 2, 3, 4 & 5.
The main Kvalross prospect consists of a wedge of clinoforms contained within a large structural closure.
The new license partners are Faroe Petroleum (40%), Wintershall (40% and operator) and Petoro (20%).
The license work program involves the acquisition of 3D seismic data, with a decision to begin drilling within three years.
Faroe Petroleum focuses principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway.
