Faroe Petroleum hands back fulla license

摘要

London—UK-based Faroe Petroleum saw its share price tumble November 2 as it announced it had relinquished one of its exploration licenses, after deciding it could not profitably develop an oil discovery made last year. The company said in a statement that it was handing back to the UK government the license area P1161 covering part of the UK’s Atlantic Margin waters to the west of the Shetland Islands.