Faroe bidding round have begun and according to plan this will happen later this autumn. It is too early yet to say anything about the interest for this third round, but based upon the activity level, which [...] imported oil and app. 95% of our oil consumption is achieved by imported oil. If we are to change this situation, we must to a much greater extent revert to sustainable energy resources and we must also [...] energy consumption derives from sustainable energy resources. The project was taken a step forward this spring, when foreign energy companies decided to become members of a project group together with our

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 share. An investor that [...] offers in 1998 and 1999 would be able to cash a return of around 110 thousand DKK if he sold his shares this year, a healthy return by any standard. The company was founded with a share capital of DKK 25.5 million [...] 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 to be a strong

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 work and operate in the Faroes The issue is very often raised; [...] have to be taken regarding the tax systems in two 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 and for many oil companies based in London, this unclear situation has created problems. The new taxation agreement however has turned things around

the drawing board looking at prospecitivity further to the north of the initial area of interest. This new-thinking prompted two wells in basalt covered areas. The first of these, with Statoil as the operating [...] operating company, was a dry hole. The William Prospect with BP as operator is set to spod later this year. It will be interesting to see what the William well might uncover. In the meantime the Faroese [...] some comfort in the fact that the UK Rosebank discovery operated by Chevron seems to be a success. This could mean a lot to the prospectivity on the Faroese side and it will in any case mean that an in

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 [...] the oil industry, since oil exploration efforts begun seven years ago It pays to explore for oil. This is absolutely clear if you look at the income made by the Faroe society, linked to oil exploration [...] in 2002 they were 22,3 million and during the years 2003 – 2006 between 7 and 9 million. On top of this are duties from the sale of seismic licenses issued to Western Geophysical from 1994-95 gave app.

between Shetland and the Faroes. This contract could also become the door opener for Føroya Tele as a supplier of various telecommuni­cations to a large oil company. This is the largest single con­tract [...] delivering such a service. This is where Føroya Tele comes into the picture, as it is capable of delivering both cables and the services required. It could be asked if not this was a task for British Telecom [...] a contract with one of the world’s largest oil companies British Petroleum or better known as BP. This is a five-year contract and could be close to 100 million kroner writes Sosialurin in its Monday edition

share in Supply Service, and through them we have access to a large amount of knowledge in this field, and this is a great advantage. If we are to establish ourselves in an oil industry, we have to attain [...] 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 a badly polluting vessel must [...] safer, regarding oil leakage compared to normal vessels, so this is also a demand we ought to consider, says the CEO for Supply Service. In this connection he adds that the vessels currently being built

its objectives. Despite this, the well has given positive indications for future exploration. Not least the well drilled a significant thickness of basalt without problems. This was because Statoil invested [...] remaining in the Faroes for hydrocarbon exploration after drilling two dry wells?' Statoil answers this on several fronts. First it is a 30% partner in the exciting Rosebank-Lochnagar Field, discovered [...] companies to improve the technology and drilling speeds required to drill a large thickness of basalt. This research program involved large pieces of Faroe lava being collected and delivered to the USA for

and Faroes. In the UK an oil discovery was made last year which will be appraised with three wells this summer. Oil production is scheduled for 2008/2009. The three operated licences in Denmark and 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 opens up the option to send people [...] 1st of January 2008, has most likely provided PAM Offshore with another leg to stand upon. Through this agreement, all questionable and doubtful taxation issues ought to be resolved, which should enable [...] under structured and controlled conditions: -“There is a huge demand for labourers all over Europe and this is coming in the wake of the ever increasing wave of senior citizens (More and more are getting older