Faroe Petroleum used an operational update Tuesday to highlight its exploration drilling program taking place in the Norwegian Sea and North Sea over the next six months.
Faroe is involved with several wells due to spud in the region between September this year and January 2014, beginning with the Statoil-operated Snilehorn well near the Hyme producing field in the Norwegian Sea. Snilehorn, in which Faroe has a 7.5-percent stake, is scheduled to be spud with the Songa Trym (mid-water semisub) rig in September with potential first oil targeted for 2015/2016.
Faroe has a 15-percent stake in the Butch East and Butch South West wells, operated by Centrica Norge in the Norwegian North Sea. The first of these wells is due to spud in October, using the Maersk Giant (350' ILC) rig.
The Novus prospect, operated by Faroe (which has a 30-percent stake following a farm-down deal), is due to spud in November 2013. Novus is located in the Halten Terrace hydrocarbon province of the Norwegian Sea, where Faroe has built a good reputation in recent years.
In December the Pil well, located within tie-back distance of the producing Njord field, is expected to spud. Faroe has a 25-percent in the well, which is operated by VNG.
The final well of the program will be Solberg, which will appraise the lateral extent and size of the Lower Cretaceous Rodriguez discovery in the North Sea. This well is also operated by Faroe, which has a 20-percent stake (following a farm-down), and is due to spud in January.
Faroe reported that total average production for its financial year to June 30 was approximately 7,890 barrels of oil equivalent per day. Average 2013 production is forecast to be at the lower end of the 7,000 to 9,000 boepd range.
Faroe Chief Executive Graham Stewart commented in a company statement:
"Production in the first half of the year has been in line with expectations and expected full year average economic production is now expected to be at the lower end of the guidance range of 7,000 to 9,000 boepd, due to both later than expected infill wells and longer than expected maintenance periods on some of our assets.
"We now look forward to one of our most exciting periods ahead, with a long program of fully-funded high impact exploration and appraisal wells planned, with large equity stakes, to commence in the coming weeks, and the potential to generate very considerable shareholder value."
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