Faroe Petroleum said yesterday it had five exploration wells planned for 2013 in the North Sea and Norway, plus five development wells.
The Aberdeen-based firm added that, of the six exploration wells it drilled in 2012, Rodriguez South had proved dry and that results from its deepwater North Uist well were overdue because of delays.
Graham Stewart, chief executive of Faroe, said: “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.”
Average production for 2012 was around 7,200 barrels of oil equivalent per day (boepd), which was lower than expected due to unscheduled shutdowns on the Njord, Brage and Blane fields.
All fields are now back on stream with production at about 8,000boepd.
Average 2013 production is anticipated to be 7,000-9,000boepd and will now include production from its East Foinaven acquisition.
Faroe focuses on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway.