Faroe Petroleum To Commense Drilling in Norway

Faroe Petroleum will be part of two new wells on the Norwegian Continental Shelf, one in the Novus field and one in the Butch field, reports Nora Region Trends. 

The Faroese oil producer holds 50 percent of the shares in the Novus field project and also heads the operation. Drilling is set the begin in November, oljan.fo reported.

Faroe Petroleum owns 15 percent of the shares in the Butch field project, which is in an area where oil was discovered in 2011. That operation is headed by Centrica and is expected to last almost a year. 

Optimistic outlook

Although the company had to slightly lower its expected outcome for 2013, CEO of Faroe Petroleum Graham Stewart is optimistic about the company’s future prospects.

Faroe Petroleum is active in several wells in the North Sea and Norway, and is a shareholder in the much anticipated Snilehorn project which commenced drilling only weeks ago. 

Last month, Graham Stewart told the BBC that “with excellent cashflow, existing cash balances and available debt facilities, Faroe is in a strong position to progress our multi-well drilling campaign and pursue further investment and acquisition opportunities designed to unlock the value of our current tax losses, generate further cash flow and create significant shareholder value.”

Faroe Petroleum is listed on the London Stock Exchange and produces on average between 5,500 and 6,500 barrels of oil a day. 

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