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Article: Faroe swaps Norwegian assets.
- Article from:
- Investors Chronicle - magazine and web content
- Article date:
- May 20, 2009
CopyrightCOPYRIGHT 2009 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Martin Li
TIP UPDATE: Clever deal brings forward Norwegian production and cash flow
Faroe Petroleum has swapped its interest in the Trym development in Norway with DONG E&P Norge for a combination of cash and interests in two producing oil fields. In return for its 10 per cent interest in Trym, Faroe will receive up to GBP4m in cash, of which GBP2m is due on completion with the balance dependent on Trym meeting certain production targets. Faroe will also receive a 9.3 per cent share of the Glitne field ...