Faroe takes stake in Wissey development
Offshore staff
ABERDEEN, UK –Faroe Petroleum Plc. has agreed to acquire First Oil Expro Ltd.'s 18.75% stake in Wissey gas field development in the southern North Sea.
Tullow Oil UK Ltd. operates Wissey in UK block 53/4D. Wissey gas is scheduled for transportation to the Thames host facility for separation and processing. First gas is expected in the second half of 2008.
"This transaction is our third Southern North Sea acquisition in 15 months, and secures Faroe Petroleum another attractive non-operated development asset with near term cash flow," says Graham Stewart, Faroe CEO. "This leveraged acquisition is designed to further strengthen the Company as we pursue our high impact exploration strategy in the Atlantic Margin, North Sea and Norway to maximize returns for shareholders"
10/17/2007