Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has announced that it has completed the previously announced acquisition of interests in five Norwegian North Sea producing oil and gas fields, Ula (20%), Tambar (45%), Tambar East Unit (37.8%), Oselvar (55%) and Trym (50%) from DONG E&P Norge AS.

The net consideration payable at completion was approximately $26.7 million, down from the previously announced original consideration of $70.2 million, reflecting both Economic Production from Jan. 1, 2016, which has outperformed previous expectations and other working capital adjustments.

Remaining Proved and Probable Reserves from the acquisition as evaluated by the company at Jan. 1, 2016 were 19.8 MMboe net to Faroe Petroleum, while the preliminary average Economic Production for the 11 months to Dec. 1, 2016 net to the company was approximately 9,900 boed. The company has taken this opportunity to upgrade its 2016 guidance with a narrower range from 17,000 to 18,000 boed, including Economic Production from the acquisition.

Source: www.worldoil.com