Faroe Petroleum Acquires 10 Pct Interest in East Foinaven (UK)

Faroe Petroleum has completed the previously announced acquisition of a 10% non-operated interest in the BP-operated East Foinaven oil field and a 0.5% interest in the West of Shetland Pipeline System, both from Marubeni Oil & Gas (North Sea).

The net consideration payable for the acquisition of the interests, after adjusting for net income receivable by the company from the sale of hydrocarbons from the field during the period, has been reduced to approximately $22.5m which is to be funded from the company’s existing cash resources.

Press Release, August 12, 2013

 

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