26th Sep 2013 12:52
LONDON (Alliance News) - Faroe Petroleum PLC Thursday said the start-up of its Njord and Hyme Fields are delayed until the second quarter of 2014 after it heeded the advice given to it by site operator Statoil earlier in the month.
The exploration-based oil and gas company with operations in the North Sea said that following a general management committee meeting the company agreed to delay the start-up to allow additional time to plan and undertake remedial works following a structural review.
On September 9 the company announced that the site operator Statoil had advised it to carry out the delay.
The company said further information on the decision is expected next week.
Faroe Petroleum shares were down 11.4% to 117.35 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Faroe Petroleum Plc