Faroe Petroleum, an independent oil and gas company, is acquiring a 10 per cent non-operated interest in the East Foinaven Field and a 0.5 per cent interest in the West of Shetland Pipeline System from Marubeni Oil & Gas.
The interests will be acquired for $32m in cash, but this will be reduced to take account of working capital adjustments for net income from the sale of hydrocarbons from the field during the period.
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
-
What is a trust – and should you use it to avoid inheritance tax?Trusts are surging in popularity as a way to avoid inheritance tax, according to financial advisers on the frontline of estate planning. We look at what trusts are and if they are right for you.
-
What will be the consequences of Donald Trump’s "One Big Beautiful Bill"?The US president’s "One Big Beautiful Bill", an extraordinary mix of tax cuts and spending plans, has made it through both houses of the US Congress. What will be the consequences?
