) was drilled this summer in licence area 003, 130km southeast of Faroes to a total depth of 4000m, terminating in Paleocene sediments. Rolf Magne Larsen, who is in charge of the Norwegian company?s i [...] only known traces of hydrocarbons in the Faroes area were found on land and comprise coal deposits, organic waxes found in basalt, and inconclusive traces of oil mixed with water in the Lopra-1 experimental [...] seismic campaign by Texaco in the mid 1970s. It is understood some 5,000km of seismic data was acquired, but which proved difficult to read, in part because of the limited capabilities of the 2-D seismic equipment

than Norway. In population terms it is one tenth of the size, and in GDP terms even smaller. Accordingly, a relatively small scale of activity has had a large relative effect on Newfoundland. In the Faroes [...] now undertaking work for oil industry clients in such places as the Gulf of Mexico, California and Russia. Symptomatic of this, Newfoundland is the home of CHC Helicopters, the world?s largest helicopter [...] is sure to lead to further interest in Faroese waters, and to exploration to discover other fields. Given the confirmation of a commercial field, engineering and other studies will be needed to establish