FORMER Faroe Petroleum boss Graham Stewart has formed a new oil and gas business that will focus on the North Sea.

The Longboat Energy venture established by Mr Stewart with other members of the former management team at Faroe aims to raise up to £10m from investors to fund acquisitions.

Faroe Petroleum succumbed to a hostile takeover bid from Norway’s DNO in January, which valued the Aberdeen-based firm at £640 million.