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31/7-1

19/05/2016 The Norwegian Petroleum Directorate has granted Faroe Petroleum Norge AS a drilling permit for well 31/7-1, cf. Section 8 of the Resource Management Regulations.

Well 31/07-01 will be drilled from the Transocean Arctic drilling facility at position 60°25'31.56"N and 3°1'28.26"E in production licence 740.

The drilling programme for well 31/7-1 concerns drilling of a wildcat well. Faroe Petroleum Norge AS is the operator and has an ownership interest of 50 per cent, while Core Energy AS is a licensee with a 50 per cent interest.

The area in this licence is part of blocks 31/7 and 30/9. Production licence 740 was awarded in APA 2013, 7 February 2014. This is the first well to be drilled in the licence.

The permit is contingent upon the operator securing all other permits and consents required by other authorities prior to commencing drilling activities.

Contact in the NPD

Per Henning Sæle, tel. +47 51 87 64 52

31/7-1

Updated: 19/05/2016