Faroe Petroleum in ‘Strong Position’ ahead of AGM

Faroe Petroleum, the Aberdeen-based oil and gas company focused on Norway and the UK, today said it was well-placed for growth as it prepares for a flurry of drilling activity on prospects.

In an update before the company’s AGM today chairman, John Bentley said the firm has “delivered considerable progress” in the first half of the year in terms of exploration and appraisal success and investment in fields.

“The company is in a very strong position, with an outstanding fully funded value growth profile, material exploration success this year already, all underpinned by significant liquidity,” he said.

“Faroe Petroleum remains on track to execute its strategic growth-focused objectives.”

Last month Faroe announced it is to drill a new exploration well in Norway.

Together with its partner Point Resources, Faroe has committed to drill the Brasse East exploration well, expected to start in the final quarter of the year.

Faroe said recent seismic work has identified “significant hydrocarbon potential” in the eastern area of the Brasse field, which was discovered in 2016.

Across its portfolio the company said rigs have so far been committed to drill five wells in the months ahead, all on attractive terms.

www.insider.co.ukSource: https://www.insider.co.uk/company-results-forecasts/faroe-petroleum-prepares-flurry-north-12792706