Faroe Petroleum Raises Oil, Gas Output Target; Blink Well Disappoints
November 03 2015 - 3:22AM
Dow Jones News
By Alex MacDonald
LONDON--North Sea-focused oil and gas explorer Faroe Petroleum
PLC (FPM.LN) said Tuesday it has raised its full-year output
guidance due to better-than-expected operational performance but
said the Blink exploration well had no oil or gas.
The U.K.-listed firm, which operates in the U.K. and Norwegian
North Sea, said oil and gas production remains strong, averaging
about 10,350 barrels of oil equivalent a day, in the year to date.
The company said it doesn't expect any significant further shut
downs at any of the its largest fields, prompting it to raise its
full-year output target to between 9,500 and 10,500 barrels of oil
equivalent a day.
"Whilst the results of the Blink well, the last in this year's
campaign, are disappointing we look forward to advancing the
options for monetising the significant combined Pil, Bue and
Boomerang discoveries, on which the Blink well result has no
bearing," Faroe Petroleum Chief Executive Officer Graham Stewart
said.
"The Company continues to perform very well despite continuing
low oil prices, with low operating costs, a good cash position and
strong production rates," he added.
Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
November 03, 2015 03:07 ET (08:07 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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