Faroe increases stake in Blane, Enoch in North Sea

Offshore staff

ABERDEEN, UKFaroe Petroleum has completed the acquisition of Roc Oil (GB Holdings), which has a 12.5006% interest in the Blane Unit and 12% of the Enoch Unit, both producing fields in the UK North Sea.

This lifts Faroe’s non-operated share of Blane to 30.5047% and its interest in Enoch to 13.86%. Value of the deal is $13.7 million after working capital and other corporate adjustments

Blane is in license P111, block 30/3a (Upper). The field has upside for increased oil production and extended life, Faroe says. Enoch’s production is currently suspended but is expected to be restored later this year.

11/06/2015

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