26th Sep 2013 07:27
LONDON (Alliance News) - Faroe Petroleum PLC Thursday said it swung to profit in its first half as it significantly lowered its exploration costs to offset lower sales.
The exploration-based oil and gas company with operations in the North Sea said it posted a pretax profit of GBP17.6 million for the six months ended June 30 compared to a pretax loss of GBP15.9 million the previous year.
The company said its sales fell 1.8% to GBP89.0 million from GBP90.6 million as its production levels fell 13% compared to the previous year.
Faroe Petroleum improved its finances as its exploration expenses fell significantly to GBP16.5 million from GBP53.2 million.
The company also revised its production guidance for the full year to 5,500-6,500 barrels of oil per day.
Faroe shares were down 6.4% to 124.00 pence in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Faroe Petroleum Plc