Faroe is now the operator of Schooner and Ketch, with 53.1-percent and 60-percent stakes respectively in the fields. The company said that it has evaluated the fields' remaining proved and probable reserves at approximately 5.9 million barrels of oil equivalent net to Faroe and that average economic production net to the company had been running at 3,700 boepd.
Faroe Chief Executive Graham Stewart commented in a company statement:
"We are very pleased to announce the completion of this acquisition, which broadens our production base further and both boosts and diversifies our oil and gas production portfolio.
Tullow said that it will continue to market its remaining southern North Sea gas assets. The company had previously agreed to sell operated and non-operated L12/L15 block interests and non-operated Q4 and Q5 block interests in the Netherlands zone of the North Sea to AU Energy – a subsidiary of Mercuria Energy Group – for $81.1 million in September.
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