Faroe Petroleum Almost Doubles 2P Reserves

Faroe Petroleum registered a 98 percent increase in 2P reserves over the year, according to an independent technical report carried out by Senergy (GB) Limited.

Proved plus Probable 2P reserves net to Faroe as at January 1 have been estimated at 60.6 million barrels of oil equivalent, representing an increase of 98.0 percent. As at January 1, 2015 this figure was 30.6 million barrels of oil equivalent. The principal difference, according to Faroe, resulted from adding the Butch and Pil fields in Norway to 2P reserves and the associated 2P reserves gained through the acquisition of Roc Oil (GB Holdings) Limited. In addition, a number of technical revisions have allowed partial reserves replacement in existing producing fields. 

Faroe is currently in the process of completing its own internal assessment of reserves and resources as at January 1, 2016 and will be announcing the outcome in the coming weeks together with an operational update to include estimates of production levels and planned expenditure for 2016.

Graham Stewart, Faroe chief executive, commented in a company statement:

“I am very pleased to report this material increase in reserves over the year, generated principally from exploration success and which further underpins the significant value of the company. This doubling of 2P reserves demonstrates clearly how our consistent strategy is delivering tangible results. 

“We look forward to an exciting three well exploration drilling program for 2016 in Norway, which is firming up on cost efficient terms. Faroe enters 2016 in a robust financial position, with strong production, a solid cash balance and largely undrawn credit facilities.”

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