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Faroe Petroleum's production rises while it softens outlook for 2017

Fri, 10th Feb 2017 08:16

(ShareCast News) - Oil and gas explorer Faroe Petroleum production and reserve base increase in 2016 boosted by acquisitions to its Norway portfolio, while it softened its outlook for 2017.The AIM-listed company's production from its UK and Norwegian portfolio averaged about 17,400 barrels of oil equivalent per day in 2016, and Faroe increased its 2P reserves base by 42% to 81.3m barrels of oil equivalent, compared to the previous year, due to acquisition of stakes in the Norwegian Ula, Tambar, Trym and Oselvar producing fields and positive reserve revisions.While 2C contingent resources were 7.5% lower at 90.9m barrels of oil equivalent following new resources from the 2016 Brasse discovery, which partly compensated for the reduction in resources related to the withdrawal and sale of interests in the Perth, Lowlander, Tornado and Solberg licences.For 2017, production is forecast to be in the range of 12,000-15,000 barrels of oil equivalent per day from all fields, split about 60% from liquids and 40% from gas. This is lower than 2016 due to work programmes being undertaken on some of its fields, particularly from those bought from Dong.The Njord and Hyme fields will not produce while it refurbishes the facility, and the Tambar field's production will be interrupted due to in-fill drilling and the installation of a gas lift which should boost production from 2018 onwards, while the Trym field is at risk of potential capacity constraints across the Harald host facility.The company said that the range will be narrowed when there is greater clarity on the level of production from Trym.Faroe also ended the year with a cash position of £97m and a new seven year reserve based lending facility worth $250m which is undrawn.Chief executive Graham Stewart said: "2016 was transformational for Faroe with the acquisition of a Norwegian portfolio of producing assets from Dong doubling group production, the material Brasse discovery in Norway, and a successful £66m equity fund raise."We are now poised for a major growth phase as we invest across our core hub assets in 2017 and beyond, and believe that we have the asset base to reach our stated goal of 40-50,000 barrels of oil equivalent per day over the next five years. We continue to seek to capitalise on our strong financial position to pursue consolidation opportunities in our core areas on the UK and Norwegian continental shelves, while kicking off another exciting high impact exploration drilling campaign."Shares in Faroe Petroleum were up 1.57% to 113p at 1103 GMT.

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6 Feb 2017 14:20

UPDATE 3-Israel's Delek expands in North Sea with Ithaca Energy deal

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18 Jan 2017 08:33

Faroe Awarded Four Licenses In Norway, Including Brasse Extension

25 Dec 2016 09:12

Israel's Delek buys 13 pct of Faroe Petroleum for 43 mln pounds

TEL AVIV, Dec 25 (Reuters) - Israel's Delek Group said on Sunday it acquired 13.18 percent of Faroe Petroleum PLC from Dana Petroleum Ltd for 42.77 million pounds ($52.6 million) as part of a strategy to expand its international energy activities. Delek bought from Dana Petroleum all the

20 Dec 2016 08:43

Faroe Petroleum Gets GBP292.5 Million In New Loan Financing

30 Nov 2016 06:50

Centrica goes ahead with $630 mln oilfield off Norway

OSLO, Nov 30 (Reuters) - Centrica and partners will invest 5.4 billion Norwegian crowns ($629.65 million) in the development of the Oda oilfield off Norway after cutting costs by around 45 percent compared to initial estimates, the British utility said on Tuesday. The North Sea field, forme

4 Nov 2016 10:30

Faroe Petroleum's partners select Njord facilities for development in Norway

(ShareCast News) - Oil and gas company Faroe Petroleum's partners chose the Njord facilities as the preferred concept for development of the Pil & Bue discoveries in the Norwegian Sea. The company's partners in the Pil & Bue discoveries, of which the company owns 25%, and which include Statoil Petro

18 Oct 2016 06:36

RPT-Faroe Petroleum finds oil at Norwegian Sea flank

(Repeats article to additional subscribers, no changes in text) Oct 17 (Reuters) - Faroe Petroleum Plc : ** Njord North Flank oil and gas discovery ** Announce an oil and gas discovery at Njord North Flank in Norwegian Sea (Faroe 7.5 pct) ** Well encountered 102 metres of

21 Sep 2016 10:57

Wednesday broker round-up

(ShareCast News) - Barclays: HSBC upgrades to buy with a target price of 190p. Reckitt Benckiser: UBS keeps at buy, 8000p target. Go-Ahead: Deutsche Bank keeps at buy with a 2330p target. Kingfisher: HSBC reiterates hold with a 365p target. BHP Billition: Barclays keeps at equal-weight with a 990

16 Sep 2016 10:54

Friday broker round-up

(ShareCast News) - Admiral Group: Berenberg reiterates hold with a target price of 1804p. Vodafone: Barclays reiterates overweight, 260p target. Next: HSBC keeps at hold with a 4485p target. Asos: JP Morgan reiterates overweight with a 5400p target. Moneysupermarket: RBC stays at outperform with

16 Sep 2016 08:27

BROKER RATINGS SUMMARY: Exane BNP And Bernstein Upgrade Morrisons

15 Sep 2016 06:55

BUZZ-Pareto Securities predicts more mergers in Norway's oil industry

** Pareto Securities analyst Tom Erik Kristiansen made the following statements at the start of the second day of the firm's oil conference in Oslo on Thursday: ** "We think more companies are likely to follow BP by merging into strategic partnerships on the Norwegian Continental Shelf (NCS

11 Aug 2016 08:35

BROKER RATINGS SUMMARY: Barclays Cuts Travis Perkins To Underweight

22 Jul 2016 16:01

DIRECTOR DEALINGS SUMMARY: Faroe Petroleum Directors Buy In Placing

15 Jul 2016 14:50

Faroe Petroleum completes £62m raising to buy Norway assets

(ShareCast News) - Faroe Petroleum said it had completed its £62m raising to buy five Norwegian oil and gas fields. The independent oil and gas company focusing principally on exploration, appraisal, development and production opportunities in Norway and the UK, said 88.5m shares were placed at 70 e

15 Jul 2016 09:46

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Faroe Petroleum's production rises while it softens outlook for 2017

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