Faroe Petroleum has won acreage in the Dreiki area on the Icelandic Continental Shelf. Faroe will operate seven license blocks south of the Jan Mayen Ridge inside the Arctic Circle northeast of Iceland. Faroe will hold 67.5% interest in blocks IS6708/8, 9, 10, 11 and 12 along with partners Petoro (25%) and Iceland Petroleum. Faroe will operate blocks IS6708/1 and 2 with 90% interest with Iceland Petroleum (10%).