Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Folder An icon of a paper folder. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. Linked In An icon of the Linked In logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo.

Faroe Petroleum

Oil & Gas

Faroe Petroleum signs Transocean rig contract, resumes production from Enoch field

Faroe Petroleum said it has struck a deal with Transocean for the lease of the company’s semi-submersible Arctic drilling rig as well as revealing production has resumed from the Enoch field in the North Sea. The company said the deal will see the rig used on the Brasse exploration well in the Norwegian North Sea in which it has a 50% stake. The deal comes as production from the Enoch field recommences following an extended period of shut-in for repair and maintenance.

Oil & Gas

Faroe Petroleum increases production estimate, expects lower exploration costs

Faroe Petroleum has made an upward revision of its production guidance for the year rising from a 9,550 to 10,500 average barrels of oil per day. The company said its exploration and appraisal programme for the next year will continue with one frontier well in the Barents Sea and two other field exploration wells, one in the Norwegian North Sea and the other in the Norwegian Sea. Exploration costs are also expected to be “significantly lower” next year than in 2015.

Oil & Gas

Faroe Petroleum well comes up dry

Faroe Petroleum will plug and abandon a well after it came up dry. The company said the Portrush exploration well encountered no hydrocarbons in well 6407/10-5. The well was drilled to a vertical depth of 2,850 metres below sea level and was terminated in the objective interval.

Oil & Gas

Faroe Petroleum begins drilling of Portrush exploration well

Faroe Petroleum has commenced drilling of an exploration well in the Norwegian Sea. The independent oil and gas explorer holds a 20% share in the Portrush well located in licence PL793. Faroe said the well, which is 10km from the Statoil-operated Njord field and 20km west of the Shell-operated Njord field, will target prospective resources along the Vingleia fault .

Markets

Faroe Petroleum hedges around 58% of its post-tax production

Faroe Petroleum has increased its pretax exploration and appraisal capital expenditure for 2015 from around £100million from £85million in 2014. The company also said it has hedged about 58% of its 2015 post-tax production. The oil and gas producer has estimated a production forecast of between 8,000 and 10,000 barrels of oil equivalent per day (boepd). Graham Stewart, Chief Executive of Faroe Petroleum, said: “We are pleased with the progress of the Company in 2014 despite the low oil price environment.

Europe

Faroe Petroleum ‘well placed’ to consider acquisitions

Faroe Petroleum said it was “well placed” to consider attractive acquisitions this year as the falling oil and gas price sees rivals selling off assets. The company said its strong cash position and undrawn debt facilities mean it expected 2015 to be “another year of growth”. The firm, which has the largest stake in Norwegian oil fields for a UK-based company, said post-tax exploration and appraisal costs were expected to run to £25million while production capex was expected to be £16million this year.