Faroe Petroleum Mid-year Operational Update
Wednesday 8 August 2018
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to provide an operational update ahead of its half yearly results which will be released on 18 September 2018.
Highlights
- Iris Hades success adds 42 mmboe(1) 2C resources net to Faroe - 2019 appraisal well committed.
- Production averaged 12,402 boepd for H1, with current production at approximately 15,200 boepd(2).
- Full year guidance range narrowed to 12,000 - 14,000 boepd.
- Fully-funded, multi field development programme on schedule, with Oda development drilling underway.
- High quality E&A drilling programme continues with six wells committed – Rungne next.
- Net cash position of £84 million (unaudited) at 30 June 2018, up from £75 million at 31 December 2017.
- Unaudited EBITDAX in H1 2018 of c. £76 million.