Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has recently completed the previously announced acquisition of interests in five Norwegian North Sea producing oil and gas fields, Ula (20%), Tambar (45%), Tambar East Unit (37.8%), Oselvar (55%) and Trym (50%) (the âAcquisitionâ?) from DONG E&P Norge AS (âDongâ?).
The net consideration payable at completion was approximately USD 26.7M, down from the previously announced original consideration of USD 70.2M, reflecting both economic production from 1 January 2016, which has outperformed previous expectations, and other working capital adjustments.
Graham Stewart, Chief Executive of Faroe Petroleum, commented: âThe acquisition of these producing fields creates a new strategic hub for Faroe, centered around the Ula platform, in one of our core areas offshore Norway; synergies have already been realised with the upcoming development of our Oda field, announced last week, which will be tied back subsea to Ula. This transformational deal paves the way for Faroeâs evolution into a full cycle E&P business fit for the modern industry as we continue to grow the value of the Company through exploration, development and production with a high quality and diverse portfolio of assets.â?
