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Faroe Petroleum (LON:FPM.L ) report: Acquisition – 18% of Blane Oil Field
October 26, 2010, Tuesday, 17:29 GMT | 12:29 EST | 20:59 IST | 23:29 SGT
By Daniel Stewart & Co
- Faroe has agreed to acquire a 18% shake in the Blane oil field from ENI UK. It is described as a low cost producer with September production rates of 11,964boe/d (2,154 net)
- With tax loss synergies, management estimates that the cost was $17.5/boe for 2P reserves of 3mmboe
- The headline consideration is ?60m which is subject to working cap adjustments and a farm out of a 20% interest in three Atlantic margin exploration licenses
- The farmed out portion will be the Atlantic Margin Rannva exploration license which contains one of the largest un-drilled anticlines in the north west europe
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