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  • Faroe: Sale of 17.5% Interest in PL586 (Fenja) to Suncor Energy Norge
    édité le 12/02/2018 - Plus de news de "Faroe Petroleum" - Voir la fiche entreprise de "Faroe Petroleum"


Faroe: Sale of 17.5% Interest in PL586 (Fenja) to Suncor Energy Norge
Faroe Petroleum plc, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that it has executed a transaction with Suncor Energy Norge AS (‘Suncor’) for the sale of a 17.5% working interest in the Fenja development located in PL586 in the Norwegian Sea (the “Transaction”). Highlights of the Transaction are as follows:

- Faroe to sell 17.5% stake in the Fenja development to Suncor for cash consideration of $54.5 million (including tax balances);
- Faroe to retain 7.5% stake in Fenja, underlining Faroe’s support for the project, and fully aligning Faroe’s equity at 7.5% across the Greater Njord Area (Njord, Fenja, Bauge and Hyme);
- Transaction is expected to reduce Faroe’s future capital expenditure on Fenja to approximately £70 million (based on the operator’s gross projected development cost of NOK 10.2 billion);
- Maintains Faroe’s strong balance sheet and fully funded position across its portfolio of Norwegian field developments.

Faroe remains fully committed to the Fenja development and believes the entry of Suncor further demonstrates the attractiveness of the project on a stand-alone basis and Faroe’s remaining interest in Fenja will now be fully aligned with its existing 7.5% working interest in the Greater Njord Area. As detailed in the Plan for Development and Operation (PDO) submitted on 19 December 2017, the operator, VNG Norge AS, expects total gross recoverable reserves from the Fenja development of approximately 97 million barrels of oil equivalent (72% of which is oil).

The Transaction has a 1 January 2018 effective date and remains subject to the usual and customary conditions including regulatory approval of the transfer and approval of the Fenja PDO by the Norwegian Ministry of Petroleum and Energy. The Transaction is anticipated to complete during H1 2018.

Graham Stewart, CEO, commented:
“I am very pleased to welcome Suncor, a significant global integrated energy company, into the Fenja joint venture. Suncor’s acquisition of a 17.5% stake in Fenja from Faroe confirms our belief in the attractiveness of this project. We look forward to working together with Suncor as the Fenja project progresses to first oil.

“This transaction marks a major milestone for Faroe, which has taken Fenja through exploration and appraisal drilling to predevelopment work and validates Faroe’s business model of generating tangible shareholder returns from its exploration portfolio. Having held a significant interest in PL586 from its discovery, Faroe has now generated cash returns through a partial-monetisation while still giving shareholders exposure to future cash flows from a continuing interest in this high quality project.”AS

About Faroe Petroleum

Faroe Petroleum is an experienced licence operator having operated several exploration wells successfully in Norway and the UK and is also the production operator of the Schooner and Ketch gas fields in the UK Southern Gas Basin and the Trym and Oselvar fields in the Norwegian North Sea. Faroe also has extensive experience working with major and independent oil companies both in Norway and in the UK.

About Suncor

Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development and upgrading, offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. A member of Dow Jones Sustainability indexes, FTSE4Good and CDP, Suncor is working to responsibly develop petroleum resources while also growing a renewable energy portfolio. Suncor is listed on the UN Global Compact 100 stock index. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.


Origine : Communiqué Faroe Petroleum

Voir la fiche entreprise de "Faroe Petroleum"



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