Faroe Petroleum announced the results of a recently commissioned engineer's report by Senergy Limited.
The report was commissioned in connection with Faroe Petroleum's multi-currency borrowing base facility of GPB25 million, which was recently provided by Societe Generale Corporate & Investment Banking. In order to provide the directors and shareholders of the Company with an up to date view of the potential value of the portfolio, the scope of the independent engineer's report was extended beyond the original requirements to cover the Company's entire asset portfolio.
Faroe Petroleum is participating in an active drilling program with the intention to drill 20 exploration and appraisal wells within the next two years. The reserves and resources which will be targeted by this two year drilling program are labeled 'Near Term Appraisal' and 'Near Term Exploration'.
Specific resources will be targeted by a further 13 exploration and appraisal wells. No firm drilling plans have yet been established for the wells. This doesn't include a number of additional exploration prospects in the Company's portfolio, which either have no current drilling plans or need additional work to be matured into drillable prospects.
Graham Stewart, Chief Executive of Faroe, said, "We are pleased to provide a summary of the report by Senergy to Faroe's shareholders. We feel this is an informative and important third party verification of the inherent value contained in our extensive portfolio and we look forward to targeting the significant resource potential and associated value uplift which could be realized for shareholders in the near term."
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