fpm16 Jan 2013 22:26
The group also said the Hyme development is on schedule and production is expected in the first quarter. Once it is on stream it is set to add a 1,000 boepd to current production levels.
Graham Stewart, Chief Executive, Faroe Petroleum said: "We are pleased to provide an update on current operations and a look forward to our continuing active exploration programme for 2013. Production in 2012 has been in line with expectations and has funded both our exploration programme and a significant proportion of our development capex.
"Aside from our production cash flow, we have robust cash balances and a substantially undrawn debt facility. We expect higher average production rates in 2013, and, as in 2012, we expect that the cash flow from production will fully fund the exploration programme and a large part of the development capex, with the remainder being funded from reserves and our debt facility, as appropriate.