Faroe completes acquisition of interests in Blane, Enoch fields

ABERDEEN, United Kingdom -- Faroe Petroleum has completed the acquisition of Roc Oil (GB Holdings) Ltd., which holds a 12.5006% interest in the Blane unit in the UK North Sea and a 12.00% interest in the Enoch unit in the UK North Sea.

Post-acquisition, Faroe will hold, in aggregate, a 30.5047% non-operated interest in the Blane unit and a 13.86% non-operated interest in the Enoch unit.

Blane oil field (P111-Block 30/3a (Upper), UK North Sea) is an established oil field with considerable upside potential to increase production, grow reserves and extend field life. Enoch field is currently suspended and is planned to be brought back on stream this quarter.

“Blane is a good quality producing field, well known to the company and which offers upside potential in the form of increasing reserves, production and field life,” Graham Stewart, chief executive of Faroe Petroleum, said. “The transaction is also tax efficient, allowing us to accelerate the use of our tax losses in the UK and is in line with our strategy to grow our production portfolio and to continue the efficient funding of Faroe’s committed exploration, appraisal and development program.”