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Israel's Delek Group sells Faroe stake for 70 mln pounds

Wed, 04th Apr 2018 07:48

TEL AVIV, April 4 (Reuters) - Israeli energy firm DelekGroup said on Wednesday it agreed to sell its entire15.3 percent stake in Faroe Petroleum PLC for 70.44million pounds ($99.1 million) in cash.

Delek said in a statement the deal will close within twobusiness days. It did not name the buyer.

Delek will make a profit of 116 million shekels ($32.9million) from the sale, of which 73 million shekels will berecorded in its 2018 financial results and the rest in 2017.

Faroe is an oil and gas exploration and production companyoperating in the North Sea.($1 = 0.7108 pounds)($1 = 3.5293 shekels)(Reporting by Tova Cohen, reporting by Louise Heavens)

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Latest Share Chat

Faroe Petroleum Plc Share News (FPM)

Israel's Delek Group sells Faroe stake for 70 mln pounds

Faroe Petroleum May Connect New Brasse Well To Producing Brage Field

Monday broker round-up

BROKER RATINGS SUMMARY: Credit Suisse Prefers Hammerson Over Intu

Faroe Petroleum Loss Narrows But Production Set To Fall In 2016

Faroe Petroleum Fails To Make Commercial Discovery At Kvalross

Faroe Petroleum reports good 2015, but muted outlook

Faroe Petroleum Warns Production Will Fall In 2016 As Fields Suspended

BROKER RATINGS SUMMARY: Citigroup And Liberum Upgrade Shell To Buy

Faroe Petroleum wins six Norwegian offshore licences

Faroe Petroleum Awarded Six New Licenses Offshore Norway

DIRECTOR DEALINGS SUMMARY: Faroe Petroleum Directors Buy Shares

DIRECTOR DEALINGS: Faroe Petroleum Directors Up Interests

Faroe Petroleum Says Drilling Starts On Norwegian Barents Sea Well

Faroe Notes Chairman's Position At Recently Collapsed Kea Petroleum

Faroe Petroleum Says Report Shows Materially Higher Year-End Reserves

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