UK based oil and gas explorer Faroe Petroleum has agreed to acquire an 18% interest in the Blane oil field in the North Sea from from Italian energy firm ENI for £60m ($94.34m).

As part of the deal, Faroe has also agreed to farm out three of its exploration licenses in the Atlantic Margin to ENI.

As a part of the transaction, Faroe Petroleum has also agreed to assign to ENI under a farm out agreement, on promoted terms, a 20% interest in the Atlantic Margin Rannva exploration licenses (Faroese Licenses 012 and 017 and UKCS license P.1740), which straddle the UK/Faroe border.

The Blane Oil Field (P111-Block 30/3a (Upper), UK North Sea) is located on the Central Graben of the UK continental shelf, extending into the Norwegian sector.

Blane is a producing field with average gross production rates during September 2010 of 11,964 barrels of oil equivalent per day (boepd) (net production 2,154boepd), taking group production to over 3,000boepd.

In addition, Faroe Petroleum recognizes upside potential in the existing reserves, through a combination of out-performance of the existing development, and the potential for further in-fill drilling.

Talisman Resources holds a 43% interest in the field (operator) while Roc Oil, Nippon Oil and Dana Petroleum hold 12.5%, 14% and 12.50% interests, respectively.