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 share. An investor [...] Exchange in Iceland in 2005 and OMX Copenhagen Stock Exchange in Copenhagen marked a significant develop­ment in the organisation of the Company. Meeting the require­ments for full transparency in all company [...] Islands and the second phase from 2001 to the end of last year. At this point in time the Company is prepared and ready to go into the third phase of its development. Phase One The idea behind the establish­ment

Which country shall receive the tax revenue? The country where the pension receiving person lives or the country in where the pension fund is located? This is just one of the many questions which must be [...] 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 work and operate in the Faroes The issue is very [...] there is nothing as unclear as taxation systems, and when considerations have to be taken regarding the tax systems in two countries, the chain has simply come off the bike. This is the situation the int

active in the exploration for oil and gas on the Faroese Shelf. Sosialurin, founded in 1927, is the biggest newspaper in the Faroe Islands. Sosialurin has focused on the Oil and Gas industry for the last [...] on the back of the UK Schiehallion and Foinaven discoveries, and following the boundary agreement between the UK and the Faroese in 1999 the industry embarked on exploring the Faroese shelf with no less [...] 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 Atlantic Margin. In the course of covering developments, we have

2006, some of the oil revenues had reached 200 million kroner. In the overview, it is stressed that these are not all the oil revenues, but just some and the period is to end of 2006. The actual income [...] specially at the Inland Revenue so it is impossible to see and record them. Neither is there direct or indirect incomes from the Sindri fund, which is a fund established by oil companies in the year 2000 [...] therefore it is difficult to evaluate how large a part of the money flows through the Faroe economy. -“Sindri is of a special nature, which possibly can be compared to the work done by the oil companies in connection

opportunities in becoming a supplier to BP in several of the areas the Faroe company is already engaged in. Recently the Shetland News wrote that the SheFar-cable could possibly form the basis for cooperation [...] SheFar-cable in the Faroes in September The question is also what other services could come in the wake of this cooperation. For example, broadband and other wireless services. A futuristic question is how a [...] services onboard an oil platform. It is understood that the SheFar-cable will come ashore in the Faroes in September and the cables to Scheihallion and Clair are in the process of being laid. Sosialurin has

afraid On the other hand, Mr Rasmus­sen thinks that everything is entwined through the terms and conditions we impose upon the oil companies, and he is of the opinion that the Faroes must not be shy in this [...] receive some years to adapt. – In the Faroes the oil industry is a new industry and therefore it is perfectly in order to impose duties on vessels from day one. He is also of the opinion, that we could demand [...] Norwegian industry, but at the end of the day it is the dollar everything revolves around. In any case we ought to impose very stringent demands regarding what equipment is permitted into Faroe waters

The question is being asked 'why is Statoil 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 [...] hydrocarbons at the rate of 6,000 barrels a day. In addition and importantly, the structure of the Rosebank-Lochnagar field is similar to large structures mapped by Statoil and its partners in the Faroes offshore [...] untested exploration potential in the Faroes. In 2006 Statoil and its partners did drill the Brugdan prospect in the Faroes (well 6104/21-1); an analogous structure to Rosebank. The well was abandoned due to

2008/2009. The three operated licences in Denmark and the Faroes are in an active explora­tion phase with acquisition and interpretation of 2D and 3D seismic. The company is registered on the OTC broker [...] future opportunities. The organisation has long operatio­nal experience in Norway, the North Sea and internationally. The company’s ambition is to secure several licences in the upcoming Norwegian licensing [...] 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 and the expertise of around 30 employees

of labourers in the Faroes, and therefore Mr Mohr says it is important that the door is also opened at the other end: -“We cannot barricade ourselves in our own little world”, he says. The Faroe Minister [...] to turn his eyes towards the British mainland: -“This agreement opens up the option to send people to work in the UK also, and we are in the process of investigating the possibilities”, says Mr Mohr. He [...] One thing is to open up the labour market, another thing is to see to it that you do not lose control: -“It is also important that the people support the idea of importing foreign labour to the Faroes”,

just been completed and delivered to Kashagan by the Caspian Sea. After the work on the barge became prolonged, they succeeded in completing the work on the 23rd of August and could return home for their [...] PAM Offshore has had many people employed in connection with the development of the Snøhvit-field – now only four remain. This project is almost com­pleted and the whole installa­tion has been delivered, [...] Offshore, have been working in the Nor­wegian oil industry, and have recently returned home for their summer holidays. App. 40 men, mainly electricians and welders, have been stationed in Egersund, where a floating