8th Aug 2018 13:36
LONDON (Alliance News) - Faroe Petroleum PLC said Wednesday that it narrowed its production guidance range as two gas fields in the UK will cease production at the end of August.
The oil & gas company focused on Norway and the UK said that production in the first half of the year averaged 12,402 barrels of oil equivalent per day, with current production at 15,200 boepd as all the main fields are back on track.
However, the company now expects full-year production in the range of 12,000 to 14,000 boepd as the Schooner and Ketch gas fields in the UK are scheduled to cease production.
At the end of 2017, it expected production between 12,000-15,000 boepd, split approximately 67% liquids and 33% gas.
"We have continued to deliver shareholder value in the first six months of the year, as we benefit from investment in our high quality asset base," Chief Executive Officer Graham Stewart said.
He added: "Faroe's production portfolio has seen a very active period of technical and investment driven activity. Although this reduced first half average production it will lead to increased productivity in the second half as well as the years ahead, as we invest heavily in our existing fields as well as several new fields."
Faroe will publish its interim results on September 18.
Faroe shares were trading up 0.7% at 140.00 pence each.
Related Shares:
Faroe Petroleum Plc