Faroe Petroleum Completes Acquisition of North Sea Fields
Friday 6 November 2015
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the UK and Norway, has announced that it has completed the previously announced acquisition of Roc Oil (GB Holdings) Limited ("Roc"), which holds a 12.5006% interest in the Blane Unit in the UK North Sea and a 12.00% interest in the Enoch Unit in the UK North Sea
Graham Stewart, Chief Executive of Faroe Petroleum, commented:
"We are very pleased to announce the completion of this acquisition, which gives a further boost to our oil and gas production portfolio. Blane is a good quality producing field, well known to the Company and which offers upside potential in the form of increasing reserves, production and field life. The transaction is also tax efficient, allowing us to accelerate the use of our tax losses in the UK and is in line with our strategy to grow our production portfolio and to continue the efficient funding of Faroe's committed exploration, appraisal and development programme."