FAROE Petroleum has noted the commercial logic of buying into some UK oil and gas fields in spite of the crude price slump. The Aberdeen-based company said it was pleased to have completed the acquisition of stakes in the Blane and Enoch fields from Roc Oil of Australia, in a deal worth up to $17m (£11m). Chief executive Graham Stewart said: “Blane is a good quality producing field, well known to the Company and which offers upside potential in the form of increasing reserves, production and field life.” He noted the deal will allow Faroe to accelerate the use of its tax losses in the UK. Faroe said the initial consideration agreed of $17m had been reduced to $13.7m at completion after working capital and other corporate adjustments. The company has agreed to pay up to a further $3m depending on performance targets being met. The Enoch field is suspended but planned to be brought back on stream in the current quarter.
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