Faroe Petroleum shares rise on acquisitions in Norway and UK
Oil and gas company Faroe Petroleum has acquired new interests in prospects in the Norwegian Sea and UK Central North Sea.
Oil and gas company Faroe Petroleum has acquired new interests in prospects in the Norwegian Sea and UK Central North Sea.
The group said it purchased a 25% stake in the Pil project in Norway and a 50% holding in the Lowlander discovery in the North Sea.
The Pil exploration well is scheduled to begin drilling in the first half of 2014 while a development study will commence at Lowlander, which was discovered in 1987.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"We are very pleased to announce the acquisition of the Pil exploration prospect which builds on our existing acreage in the area centred on the Njord field with its Hyme satellite together with the Snilehorn exploration well which is scheduled to be drilled later in the year," Chief Executive Graham Stewart said.
"Our acquisition of a 50% share of Lowlander helps create the potential for an attractive joint Perth/Lowlander development. The collective volumes in these fields are significant, considering their central location in the UK North Sea, and we look forward to making progress in the near term towards their development."
Shares rose 1.85% to 137.50p at 12:00 Thursday.
RD
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
The year trust became the currency in the art market
Opinion Collectors looking for accountability are turning to smaller dealers, says Sarah Ryan of New Blood Art
-
FCA could lift ban on crypto ETNs for UK retail investors
Some hope that the consultation could lead to a lifting of the ban on crypto ETF sales in the future