Faroe Petroleum Raises Oil, Gas Output Target; Blink Well Disappoints

By Alex MacDonald

LONDON--North Sea-focused oil and gas explorer Faroe Petroleum PLC (FPM.LN) said Tuesday it has raised its full-year output guidance due to better-than-expected operational performance but said the Blink exploration well had no oil or gas.

The U.K.-listed firm, which operates in the U.K. and Norwegian North Sea, said oil and gas production remains strong, averaging about 10,350 barrels of oil equivalent a day, in the year to date. The company said it doesn't expect any significant further shut downs at any of the its largest fields, prompting it to raise its full-year output target to between 9,500 and 10,500 barrels of oil equivalent a day.

"Whilst the results of the Blink well, the last in this year's campaign, are disappointing we look forward to advancing the options for monetising the significant combined Pil, Bue and Boomerang discoveries, on which the Blink well result has no bearing," Faroe Petroleum Chief Executive Officer Graham Stewart said.

"The Company continues to perform very well despite continuing low oil prices, with low operating costs, a good cash position and strong production rates," he added.

Write to Alex MacDonald at [e-mail]

(END) Dow Jones Newswires

November 03, 2015 03:07 ET (08:07 GMT)

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