Faroe Enjoying Active 2013

Faroe Petroleum Chief Executive Graham Stewart said that 2013 is proving to be an extremely active year for the company, as it reported its interim results for the first six months to June 30.

Faroe expects to see results from six exploration wells on the Norwegian Continental Shelf during the second half. These include Snilehorn (which spud on Sept. 17), Novus, Pil, Solberg, Butch East and Butch South West. These wells are targeting reserves in excess of 85 million barrels of oil equivalent net to Faroe, the company said.

Faroe said it was making progress broadening its production and development portfolio, with the Hyme oilfield coming on stream in March 2013 and the August completion of the acquisition of the East Foinaven oilfield. The company added that it was also carrying out significant investment in development and production wells on existing producing assets.

Faroe’s results show that during the first half average economic production stood at 7,890 barrels of oil equivalent per day (1H 2012: 8,581 boepd). However, as a result of an extended maintenance shut-in period on the Njord A facility, the firm’s production guidance for the full year has been revised down to between 5,500 and 6,500 boepd.

In the results statement, Stewart said:

"2013 is proving to be an extremely active year for Faroe.  We have completed three exploration wells, and have recently commenced drilling on the first of six wells to be drilled over the coming period – all located close to existing producing fields and infrastructure.  The year started on a high with a gas condensate discovery at Rodriguez in good quality reservoir and the follow-up Solberg appraisal well is already planned for January 2014.

"We are excited about the two back-to-back Butch wells (Faroe 15 percent) which will explore the south west and east sides of the large salt structure where we made the significant Butch main oil discovery in 2011, together with our operated Novus well on the Halten Terrace in Norway (Faroe 30 percent). 


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