Faroe Petroleum: Year End results
Published by Louise Mulhall,
Editorial Assistant
Oilfield Technology,
Highlights
Operations: strong production performance and reserves growth
Significant reserves growth
Exploration programme adding 2C Contingent Resources
Financial –strong balance sheet and positive cashflows from operations, despite impairments
Outlook –fully-funded exploration programme and well positioned for further potential acquisitions
Graham Stewart, Chief Executive of Faroe Petroleum, commented:
“2015 was another year of growth and good progress for Faroe despite a backdrop of significantly lower commodity prices. We delivered our exploration drilling programme safely and under budget, adding further material 2C resources, and doubled our 2P reserves in high quality assets, principally in Norway. Our diverse North Sea production portfolio also outperformed expectations, averaging 10 530 boe/d with lower unit operating costs of US$23 /boe, down by 30% from the previous year.
“We stated a year ago that we would aim to run a cash-neutral budget for 2015 and we are pleased to end the year with cash of £91.5 million (2014: £92.6 million) after drilling five exploration wells and acquiring further interests in the Blane and Enoch production assets in the UK.
This outcome is testament to the quality of our portfolio and our consistently prudent financial management, in what remains a very difficult market.
“Looking ahead to 2016, the business is in a good position to face the continuing challenges of our industry and to seek to capitalise on our relative financial strengths as we pursue attractive consolidation opportunities in our core areas on the UK and Norwegian continental shelves.”
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/29032016/faroe-petroleum-year-end-results/
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