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.

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"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.




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