Northern Europe-focused junior oil firm Faroe Petroleum announced Friday that it has completed the acquisition of Roc Oil Limited. Roc holds a 12.5-percent interest in the Blane Unit and a 12-percent interest in the Enoch Unit, both of which are located in the UK North Sea.
The acquisition brings Faroe's total non-operated interest in the Blane Unit to 30.5 percent and that of the Enoch Unit to 13.9-percent.
Faroe said that the initial consideration agreed to buy Roc was $17 million, but this has been reduced to $13.7 million on completion after working capital and other corporate adjustments were taken into account.
The company believes that the Blane oilfield has "considerable upside potential" to increase production, grow reserves and extend field life. The Enoch field is currently suspended and is expected to be brought back on stream by the end of this year.
Faroe Chief Executive Graham Stewart commented in a company statement:
"We are very pleased to announce the completion of this acquisition, which gives a further boost to our oil and gas production portfolio.
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you