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.

"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

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020