Bjarni Djurholm had the following comments regarding energy and hydrocarbon issues: “A general debate has been on a proposed new energy policy, and a new power legislation Act was passed during the last sitting [...] Nólsoy in 2009. Other steps have also been taken within the energy area; for example a work group has been formed with representatives from Iceland to determine the feasibility of laying a power cable [...] Later this autumn, drilling will begin upon a sixth exploration well in our waters and an agreement has been made on a seventh well drilling within the next two years. Preparations for a third Faroe bidding

capitalisation has been above 1.2 billion DKK in the last months The Company is still strongly rooted in the Faroe Islands. This has been an overarching principle in the Company’s strategy and it has been shown [...] By Kjartan Hoydal, Chairman of the Board, AP ------ The last year has shown very strong growth in Atlantic Petroleum, AP. This is well reflected in the trust shown by investors and the markets in the AP [...] organisation of the Company. Meeting the require­ments for full transparency in all company matters has been a welcome challenge and all information is now readily available to shareholders, investors, markets

countries, the chain has simply come off the bike. This is the situation the international oil companies have been facing, if they intended to operate in the Faroes. The taxation system has been quite unclear [...] unclear and for many oil companies based in London, this unclear situation has created problems. The new taxation agreement however has turned things around. On the 20th of June 2007, Mr Magni Laksafoss, the [...] being looking for a clear-cut taxation situation between the Faroes and the UK. A dual tax agreement has now finally been agreed between the two countries, and this will probably increase the interest to

Islands. Sosialurin has focused on the Oil and Gas industry for the last 30 years and is therefore the leading distributor of oil and gas related information in the Faroes. Our focus has primarily been on [...] The edition of Sosialurin you have in your hand has been prepared in co-operation with numerous Faroese companies that are participating in Offshore Europe 2007. In co-operation with companies that are [...] Offshore Europe exhibitions in Stavanger and Aberdeen over the last 15 – 20 years. The Atlantic Margin has changed much in recent years. There was considerable optimism for the area on the back of the UK S

In the Faroes not a single drop of oil has been produced yet, but this situation has not prevented income from large oil revenues. In total the Faroese society has made app. 200 million kroner directly [...] objective is to support scientific research within the oil industry, included in the overview. It has to be said that several of these projects are being conducted at foreign institutions and universities [...] generated. Therefore we are talking of a minimum amount of 200 million kroner, which the Faroe society has gained from oil exploration. The actual amount is somewhat higher than this.

of Shetland ashore is not a new idea. The demand for a permanent link ashore has been around for many years and a dialogue has been on-going on how to link oil platforms to the mainland. Already when the [...] ns between oilfields where BP is the operating company and the land-based head office. To date BP has been forced to send all data and send IT specialists to the production site to deal with the many issues [...] companies save by cooperating with a Faroe telecommunications company? According to sources Sosialurin has spoken to the expenditure saved by BP could be substantial as data can be sent directly ashore instead

the international demands. – They have for example a special duty on NOX. This means that a maximum has been set for how much detrimental waste can come from a vessel. In practical terms, this means that [...] Rasmussen says we should be careful not to impose demands we cannot follow up on. One of the demands he has in mind is the demand of a Faroe quayside. He thinks that as long as we are exploring for oil, we can

three well appraisal programme. As the latest press release indicates the field's third well (205/1-1) has just been tested and produced hydrocarbons at the rate of 6,000 barrels a day. In addition and importantly [...] problems and time constraints before the well had tested all its objectives. Despite this, the well has given positive indications for future exploration. Not least the well drilled a significant thickness [...] without the great success Statoil and its partners have achieved in geophysical sub-basalt imaging. This has taken painstaking research over several years but now the results allow Statoil to explore other basalt

for listing on the new Oslo Axess before summer. First Securities has been financial advisor in connection with the transaction and has been engaged as manager for the planned listing process. Sagex Petroleum [...] be a strong, independent oil company working Norway, the North Sea and internationally. The company has licences in the UK, Denmark and Faroes, a number of projects in progress globally, access to technology [...] Inoil AS commercialises projects and technology related to the oil and offshore industry. The company has two wholly owned subsidiaries: Inoil Technology AS, which develops applications based on web and g

PAM Offshore, which is a daughter company of Tórshavnar Skipasmiðja, has for a few years had people working abroad in the oil industry. To date most of them have been working within the Norwegian oil industry [...] tax agreement with Great Britain, which hopefully will come into force on the 1st of January 2008, has most likely provided PAM Offshore with another leg to stand upon. Through this agreement, all questionable [...] having to pay one tax according to the rules and regulations in the agreement. This new situation has prompted Mr Mohr, the CEO at PAM Offshore, to turn his eyes towards the British mainland: -“This agreement