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Article: Faroe Petroleum plc announces swap of assets with DONG E&P Norge AS.
- Article from:
- Nordic Business Report
- Article date:
- May 19, 2009
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NORDIC BUSINESS REPORT-19 May 2009-Faroe Petroleum plc announces swap of assets with DONG E&P Norge AS(C)1994-2009 M2 COMMUNICATIONS http://www.m2.com
Faroe Petroleum plc (LSE: FPM), an independent oil and gas company, revealed today (19 May) that it has swapped its interest in the Trym development, for cash and interests in the producing Glitne and Enoch oil fields of DONG E&P Norge AS.
Faroe will give its 10% interest in the Trym development in exchange for up to GBP4m (NOK40m) in cash following the transaction. GBP2m will be paid when the transaction is completed, while another amount of up to GBP2m will be payable when certain production targets are ...