Faroe Petroleum, the Aberdeen-based oil and fuel firm centered on Norway and the UK, in the present day stated it was well-placed for development because it prepares for a flurry of drilling exercise on prospects.

In an replace earlier than the corporate’s AGM in the present day chairman, John Bentley stated the agency has “delivered appreciable progress” within the first half of the 12 months when it comes to exploration and appraisal success and funding in fields.

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“The firm is in a really sturdy place, with an excellent absolutely funded worth development profile, materials exploration success this 12 months already, all underpinned by vital liquidity,” he stated.

Faroe Petroleum stays on observe to execute its strategic growth-focused aims.”

Last month Faroe introduced it’s to drill a brand new exploration nicely in Norway.

Together with its associate Point Resources, Faroe has dedicated to drill the Brasse East exploration nicely, anticipated to begin within the ultimate quarter of the 12 months.

Faroe stated latest seismic work has recognized “vital hydrocarbon potential” within the jap space of the Brasse subject, which was found in 2016.

Across its portfolio the corporate stated rigs have thus far been dedicated to drill 5 wells within the months forward, all on enticing phrases.

www.insider.co.ukSource: https://www.insider.co.uk/company-results-forecasts/faroe-petroleum-prepares-flurry-north-12792706

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