Faroe has announced the sale of a 17.5% interest in the Fenja development to Suncor for USD54.5 million which includes the transfer of tax losses.
Faroe will retain a 7.5% interest which fully aligns its equity interest with that of the other fields in the Greater Njord Area (Njord, Bauge, Hyme and Fenja). The transaction crystallises value of the asset pre-development and reduces Faroe’s capex (estimated to GBP70 million).
The PDO for Fenja...
