ABERDEEN, UK – Faroe Petroleum has completed two transactions with Marubeni Oil & Gas (North Sea) for $22.5 million.
These give Faroe a 10% stake in the BP-operated East Foinaven oil field and a 0.5% interest in the west of Shetland pipeline system.
CEO Graham Stewart said: “East Foinaven is a good quality, long life producing oil field which provides significant upside potential in one of our core areas. The transaction is…in line with our strategy to grow our production base in order to fund the company’s very active exploration program.
“We look forward to an exciting period of exploration drilling kicking off with the Snilehorn well in Norway scheduled to commence at the end of 3Q 2013, followed by a further five wells as we head into 2014.”