Faroe Petroleum, the independent oil and gas company focusing principally on E&P and appraisal opportunities in the Atlantic margin, the North Sea and Norway, said it 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 U.K. Southern North Sea gas basin from Tullow Oil SK Ltd.

Remaining proved and probable reserves, as evaluated by the company on Jan.1, 2014, were 5.9 MMboe net to Faroe Petroleum. Average economic production for the first six months net to the company was about 3,700 boe/d.

“Schooner and Ketch are good quality producing fields, well known to the company and which offer upside potential in the form of increasing reserves, production and field life. The transaction is tax efficient for us, providing shelter for both past and future tax losses in the U.K. and is in line with our strategy to grow our production portfolio to continue the efficient funding of Faroe’s ongoing exploration and appraisal program,” said Graham Stewart, CEO of Faroe Petroleum.