Faroe Petroleum Expects To Raise Exploration Capex In 2015

Junior oil firm Faroe Petroleum expects its pre-tax exploration and appraisal capital spending to increase in 2015.

Jan 22 (Reuters) – Faroe Petroleum Plc said it expected its pretax exploration and appraisal capital expenditure to increase in 2015 as the oil and gas explorer leverages its cash flow and debt facilities.

Average production in 2015 is expected at 8,000 to 10,000 barrels of oil equivalent per day (boepd).

Total average economic production for 2014 was about 9,100 boepd, the London-listed company said in a statement.

Faroe expects pretax exploration and appraisal capital expenditure of about 95 million pounds (about $144 million), more than the about 85 million pounds it spent in 2014.

($1 = 0.6607 pounds)

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Gopakumar Warrier)

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