New company plans oil exploration off the Faroe Islands

A new company has been set up to explore for and develop energy and natural resources, KVF reports. Atlantic Petroleum and two private limited companies, 7/5 26 in Hósvík and Vita in Kollafjørður, formed Atlantic Energy and Minerals.

The company’s stated purpose is to explore for, extract and use energy, minerals and other natural resources. Its share capital is 500,000 kroner.

Niels Winther Poulsen chairs the board, which also includes Gunnbjørn Joensen, Halgir Winther Arge and Jógvan Martin Ferjá Joensen. Mourits Joensen is the company’s managing director.

Atlantic Petroleum announced two weeks ago that it had applied for a licence to explore for and produce oil off the Faroe Islands.