27th Apr 2018 10:23
LONDON (Alliance News) - Faroe Petroleum PLC on Friday said that it brought on production both new infill wells drilled this year on the Tambar field in Norway.
The oil & gas company said initial performance from the Tambar development project, where it holds 45% interest, exceeded pre-drill expectations. During fourteen days period since April 12, both wells achieved an average flow rate of about 18,507 barrels of oil equivalent per day.
Faroe Petroleum said it achieved a "record" production level of around 19,275 barrels per day last Friday. However, the annual guidance remained unchanged at 12,000 to 15,000 barrels per day on average.
The company said that despite increased production rates at the new Tambar wells, the overall production in the first quarter was below expectations. This was following a downstream export fault at the Trym field in Denmark, which resulted in temporary loss of production.
Looking ahead, Faroe Petroleum expects to install gas lift in three existing wells at the Tambar project in the third quarter.
In addition, the company confirmed a deeper gas-water contact and better than expected reservoir at its 15% owned Fogelberg appraisal well in the Norwegian Sea. The joint venture has reverted to the original plan to drill a sidetrack well, Faroe Petroleum said, with a potential drill stem test to try reservoir productivity.
"I am pleased to announce the successful commencement of production from two new infill wells on the Tambar field," said Chief Executive Graham Stewart.
"Faroe also continues its busy 2018 drilling programme with the ongoing Fogelberg well, before we move to spud our second exploration well of the year in summer at the high impact Rungne prospect, close to the Brasse field. This will be followed by the Cassidy and Pabow exploration wells later in the year," Stewart added.
The stock was trading 3.1% higher at 132.40 pence per share on Friday.
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Faroe Petroleum Plc