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Faroe Petroleum announces Ula field acquisition update

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Oilfield Technology,

Faroe Petroleum has announced an update on the acquisition of its interest in the Norwegian Ula field, part of the package of assets to be acquired from DONG E&P Norge AS (DONG).

As announced on 14 July 2016, Faroe has conditionally acquired interests in five Norwegian producing assets from DONG including a 20% interest in the Ula field and associated production hub infrastructure (the Interest). One of the conditions of the acquisition was a 30 day pre-emption period under which the partner in the Ula Field could have acquired the Interest. This period has now expired and the company will now proceed towards the completion of the acquisition as planned.

Adapted from a press release by Louise Mulhall

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