Faroe Finalizes Acquisition of Blane Field
Faroe Petroleum plc
|Tuesday, May 17, 2011
Faroe Petroleum has acquired an 18% interest in the Blane oil field from Eni UK Limited and Eni ULX Limited. The transaction is set to add about 1,900 barrels boepd to Faroe’s production.
Faroe reported that this transaction is in line with their strategy to grow and strengthen the production base towards funding their ongoing exploration program.
The Blane oil field is located on Block 30/3a on the Central Graben of the UK Continental Shelf. Joint venture partners in the field are Talisman Resources (43.0% and operator), Roc Oil (12.5%), Nippon Oil (14.0%) and Dana Petroleum (12.50%).
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