Tuesday, May 17, 2011
Faroe Petroleum plc
Faroe has completed the acquisition of the 18.0% interest in the Blane oil field from ENI UK Limited and ENI ULX Limited.
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 program."
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