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Unaudited Interim Results for the six months ended 30 June 2018

 

Faroe Petroleum, the independent oil and gas company focusing on exploration, appraisal and production opportunities in Norway and the UK, announces its unaudited Interim Results for the six months ended 30 June 2018.

Highlights

Operations – significant resource upgrade following the Iris Hades discovery

Finance – strong cash generation from producing assets and robust balance sheet

Outlook – E&A drilling programme ramp-up and ongoing development investments, fully funded

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

“I am pleased to announce the results for H1 2018 – a period of strong profitability, effective portfolio management and material exploration success. The significant Iris Hades discovery announced in April 2018 is our largest discovery to date and adds an estimated 42 mmboe of 2C oil equivalent net to the Company, substantially increasing our resource base.

“We remain one of the most dynamic and successful explorers in the sector and have a very active drilling programme underway. Seven E&A wells will be drilled over the coming months including appraisal of Iris Hades, the Agar/Plantain exploration well in the UK currently drilling and the Faroe-operated Rungne exploration well, due to spud soon. The unrisked resource potential net to Faroe targeted by the firm six well exploration campaign programme is estimated to be in the range of 80-150 mmboe.

“In the medium term we are targeting material increase in shareholder value and cashflow with our fully funded investment programme across the portfolio, encompassing exploration, appraisal, development and production. I remain confident in our ability to deliver our stated near to medium term production growth target of 35,000 boepd, and wish to express my sincere gratitude to all our stakeholders for their ongoing support and to our staff and colleagues for their hard work and commitment to delivering the best possible results for all of our shareholders.”

To read the full Interim Result announcement please click here

For further information, please contact:

Faroe Petroleum plc
Graham Stewart/Jonathan Cooper
Tel: +44 1224 650 920

Stifel Nicolaus Europe Limited
Callum Stewart/Nicholas Rhodes/Ashton Clanfield
Tel: +44 20 7710 7600

BMO Capital Markets
Tom Rider/Jeremy Low/Tom Hughes
Tel: +44 207 236 1010

FTI Consulting
Ben Brewerton/Emerson Clarke/Ntobeko Chidavaenzi
Tel: +44 203 727 1000
Email: