FAROE Petroleum has highlighted the output from its main producing fields was better than expected in the year to May 31.
The oil and gas company, focused on the UK and Norwegian North Sea, produced about 15,100 boepd (barrels of oil equivalent per day) over the period.
It maintained its guidance on average production for the full year at between 13,000 and 15,000, which the company said reflected various shutdowns forecast to allow production enhancing work to be undertaken. Faroe said it will review this guidance after the summer maintenance period.
The update comes after the company declared last week that its Brasse find off Norway will be commercially viable in the current low oil price environment. A well drilled to appraise the discovery struck oil two kilometres from the original find, underlining the scale of the field.
Faroe said yesterday that a drill stem test is now underway to provide further confirmation of well productivity, investigation of reservoir distribution and information for project planning.
The company noted its cash position increased to £113.8 million from £96.8m at December 31. Shares in Faroe climbed 1.25p to 87.5p.
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