21st Nov 2013 11:05
LONDON (Alliance News) - Faroe Petroleum PLC Thursday said its deck structure reinforcement project at the Njord facility in Norway has commenced and is due for completion in the second quarter 2014.
The oil and gas exploration and development company - with operations in the Atlantic margin, the North Sea and Norway - said it expects production to resume immediately once the structure is stabilised.
Faroe Petroleum temporarily shut down production and drilling at the site on September 26 after Njord operator Statoil ASA carried out a detailed analysis of the platform's structural integrity and preliminary results flagged some necessary changes.
The company also said that its Novus well is currently drilling, while its Butch, Solberg and Pil wells are still expected to commence drilling soon.
Faroe Petroleum shares were down 2.5% to 126.00 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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