Faroe Petroleum plc, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic Margin, the North Sea and Norway, is pleased to announce that it has completed the acquisition of the 18.0% interest in the Blane oilfield from ENI UK Limited and ENI ULX Limited.
A description of the Blane Field and details of the transaction were set down in the press release made by the Company on 26 October 2010.
Graham Stewart, Chief Executive of Faroe Petroleum Plc, commented:
“The acquisition of a material interest in the high quality producing Blane oil field significantly boosts Faroe’s oil and gas revenue generation capacity and is very tax efficient for the Company.”
“The transaction which adds approximately 1,900 barrels of oil equivalent per day (boepd) to Faroe’s production, is in line with our strategy to grow and strengthen the production base towards funding the ongoing exploration programme.”
