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Faroe Petroleum reveals financial results and plans for 2013

Oilfield Technology,


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

Read the article online at: https://www.oilfieldtechnology.com/exploration/26032013/faroe_petroleum_reveals_financial_results_and_plans_for_2013/

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