Faroe Petroleum Completes Fenja Stake Sale
Faroe Petroleum plc has completed the sale of its 17.5 percent working interest in the Fenja development, located in PL586 in the Norwegian Sea.
“I am pleased to announce the completion of the sale of a partial interest in our Fenja project. This transaction validates Faroe’s business model of generating tangible and attractive shareholder returns from our exploration portfolio,” Graham Stewart, Faroe Petroleum CEO, said in a company statement.
“As well as producing an immediate cash return, the transaction reduces Faroe’s net capital expenditure on the Fenja development to approximately $96 million. This in turn gives us additional liquidity for our other high quality projects such as the Brasse development and ensures we are fully funded to reach our organic production growth target of 35,000 barrels of oil equivalent per day,” Stewart added.
Following the completion of the deal, Faroe retains a 7.5 percent working interest in the Fenja development.
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