14th Nov 2013 11:31
LONDON (Alliance News) - Faroe Petroleum PLC Thursday said it now owns a 100% stake in the Lowlander oil discovery in the UK central North Sea.
The oil and gas exploration and development company said that it has acquired the remaining 50% stake in the undeveloped oil field from North Sea Ventures Limited. It didn't provide financial details of the transaction.
Faroe acquired its first 50% interest in the Lowlander discovery back in February, from Talisman Sinopec.
The group said that it acquired Lowlander, with the intention of developing it as a joint project with its neighbouring Perth Field, in which it owns a 34.62% stake, as they both share the same production facilities.
Faroe said that together, Perth and Lowlander have a combined total of nine wells drilled, and are estimated to contain stock tank oil in place of 270 million barrels, with 62 million barrels of oil estimated to be recoverable.
It said that there is also potential that in a joint field development, the production facilities could also serve as a hub for a number of other similar accumulations already discovered in the area.
Faroe Petroleum shares were up 0.7% Thursday morning, at 130.94 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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