Faroe Petroleum reveals financial results and plans for 2013

Faroe Petroleum has released its 2012 financial results, which show that the company’s revenue has risen by more than 97% on 2011’s figure to £158.8 million. The company did however, report a loss after tax of £5.2 million, down from 2011’s £47.4 million profit, a figure that included a £40 million windfall from the sale of the company’s stake in the Norwegian Maria oilfield.

The company’s overall production also rose significantly from 2500 boe/d in 2011 to 6900 boe/d last year. The company has predicted that this figure will rise to 7000 – 9000 bpd by the end of 2013.

16 awards with “high equity stakes’ saw Faroe’s portfolio grew to over 60 licences. This included 8 operatorships, with 1 marking the company’s debut in Iceland. The success of the Butch and Rodriguez finds were useful in “mitigating an otherwise mixed year for exploration results.”

This year, Faroe has outlined a planned total Capex of £170 million, with £120 million to be focused solely on exploration and the remaining money to be put towards field development.

Edited from various sources by David Bizley

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