Faroe Petroleum completes sale of Fenja field interest
LONDON -- Faroe Petroleum plc, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has announced the completion of the previously announced sale of its 17.5% working interest in the Fenja development, located in PL586 in the Norwegian Sea, such that Faroe retains a 7.5% working interest.
The cash consideration received by Faroe for the sale of the Fenja interest is $68 million, reflecting the consideration amount of $54.5 million, together with working capital adjustments, notably capital expenditure incurred since the effective date of Jan. 1, 2018.
