SSE agrees to assess North Sea with Faroe Petroleum

Scottish and Southern Energy (SSE) has entered into an agreement Faroe Petroleum, the independent oil and gas company, to work together to identify, assess and, where good value can be obtained, acquire producing oil and gas assets in the North Sea.

In addition, SSE has subscribed in a placing for more than five per cent of the enlarged share capital of Faroe Petroleum, at a cost of around £18m.