Faroe Petroleum has increased its interests in the Ketch and Schooner gas fields in the North Sea to 60 percent each after a transaction with Tullow Oil.
The financial terms of the deal have not been disclosed.
Faroe said that the deal sees it acquire Tullow’s 60 percent interest in the Ketch field and a 53.1 percent stake in the Schooner unit,
This added to Faroe’s existing 6.9 percent stake in Schooner.
Faroe also gains operator status over the fields.
Net production pertaining to Faroe from the two fields is estimated at between 3,000 and 4,000 bbl of oil equivalent per day.
Faroe CEO Graham Stewart said, “We are very pleased to announce this acquisition, funded entirely from existing resources and debt facilities, which significantly boosts and diversifies our oil and gas cash flow generation.”