Faroe Petroleum Provides Update on the Acquisition of an Interest in Ula Field

Source: www.gulfoilandgas.com 8/16/2016, Location: Europe

Faroe Petroleum plc (Faroe) Update on acquisition of an interest in the Ula producing field Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, announces an update on the acquisition of its interest in the Norwegian Ula field, part of the package of assets to be acquired from DONG E&P Norge AS (“DONG”).

As announced on 14 July 2016, Faroe has conditionally acquired interests in five Norwegian producing assets from DONG including a 20% interest in the Ula field and associated production hub infrastructure (the “Interest”). One of the conditions of the acquisition was a 30 day pre-emption period under which the partner in the Ula Field could have acquired the Interest. This periodhas now expired and the Company will now proceed towards the completion of the acquisition as planned.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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