StockMarketWire.com - Faroe Petroleum reported average production of 14,300 boepd in 2017 which was at the upper end of guidance while 2018 production is expected to be in the range of 12,000 to 15,000 boepd.

The company reported a 20% increase in 2P reserves to 97.7 mmboe for the year following the successful Brasse appraisal well in 2017 and after adjusting for the Fenja transaction. Year-end 2C resources were 78.6 mmboe.

The company said that it was fully funded for Brasse and ongoing development projects including Oda, Njord Future, Bauge and Fenja, following the sale of 17.5% of Fenja.

A high quality E&A drilling programme was reported to have commenced in 2018 with Iris or Hades and Fogelberg wells already drilling and three further wells added: Rungne, Cassidy and Pabow.

Graham Stewart, Chief Executive of Faroe Petroleum said: '2017 has been another very good year for Faroe with strong operational performance enhanced by a general recovery in commodity prices and market sentiment.'

'A highly successful appraisal well on our Brasse oil and gas discovery in Norway and its conversion to 2P reserves, combined with positive reserves revisions in Ula and Tambar led to Faroe's highest ever recorded year-end 2P reserves at 97.7 mmboe, an increase of 20% even after adjusting for the reduced interest in Fenja announced yesterday.'

'The Tambar production project commenced last year and the two infill wells have now been drilled and early results are very positive showing good potential for increased production with the new wells expected on stream during February.'


At 8:18am: [LON:FPM] Faroe Petroleum PLC share price was +0.9p at 100.6p



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