Faroe Completes Acquisition of DONG North Sea Asset Interests

Faroe Petroleum has completed its acquisition of interests in five Norwegian North Sea producing oil and gas fields from DONG E&P Norge AS.

As part of the acquisition, Faroe has invested in the Ula (20 percent), Tambar (45 percent), Tambar East Unit (37.8 percent), Oselvar (55 percent) and Trym (50 percent) assets. The net consideration payable at completion was approximately $26.7 million, down from the previously announced original consideration of $70.2 million, Faroe said in a company statement.

“We are pleased to announce the completion of this acquisition, which broadens and strengthens our production base materially and both boosts and diversifies our profitable oil and gas production portfolio,” Graham Stewart, chief executive of Faroe Petroleum, said.



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