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Faroe Petroleum core earnings fall

Tue, 25th Mar 2014 07:34

March 25 (Reuters) - Faroe Petroleum Plc reported a16 percent fall in core earnings, hurt by an extendedmaintenance shutdown at its Njord and Hyme fields in theNorwegian Sea for most of the second half of 2013.

Earnings before interest, taxation, depreciation,amortisation and exploration expenditure (EBITDAX) fell to 80.5million pounds ($132.74 million) for the year ended Dec. 31 from96.3 million pounds a year earlier.

Revenue slid 18.5 percent to 129.4 million pounds.

Average economic production fell to 6,059 barrels of oilequivalent per day (boepd) for the year ended Dec 31 from about6,900 boepd a year earlier.

Faroe reiterated its 2014 production guidance of 4,000-6,000boepd on Tuesday, and said it expected the Njord and Hyme fieldsto be back on stream in summer this year.

The company has development and producing assets in theAtlantic margin, Norwegian Sea, the UK and Norwegian North Sea,Barents Sea and offshore Iceland. ($1 = 0.6065 British Pounds) (Reporting by Karen Rebelo in Bangalore; Editing by JoyjeetDas)