Faroe Petroleum has completed the previously announced acquisition of a 53.1% operated interest in the Schooner Field and a 60% operated interest in the Ketch Field in the UK Southern North Sea gas basin (the "Interests") from Tullow Oil SK Limited ("Tullow Oil").

Remaining Proved and Probable Reserves, as evaluated by the Company, as at 1 January 2014 were 5.9 million barrels of oil equivalent (mmboe) net to Faroe Petroleum. Average economic production(1) for the first six months net to the Company was approximately 3,700 boepd.

Tags: Faroe Petroleum