Faroe Petroleum PLC Notice of Interim Results (5182A)
September 12 2018 - 1:00AM
UK Regulatory
TIDMFPM
RNS Number : 5182A
Faroe Petroleum PLC
12 September 2018
12 September 2018
Faroe Petroleum plc
("Faroe", "Faroe Petroleum" or the "Company")
Notice of Interim Results for the six months ended 30 June
2018
Faroe Petroleum, the independent oil and gas company focusing
principally on exploration, appraisal and production opportunities
in Norway and the UK, announces that it will deliver its unaudited
Interim Results for the six months ended 30 June 2018, on Tuesday
18 September 2018.
At 09:30am BST (London) and 10:30am CEST (Oslo), the Executive
Management team will host a meeting for analysts at the offices of
FTI Consulting and a simultaneous conference call and webcast to
present the Company's results. Access details for the call will be
provided on the day of results and a link to the webcast will also
be available on the Company's website at (http://www.fp.fo). A
presentation to accompany the results will be available on the
website thereafter.
- Ends -
For further information please contact:
Faroe Petroleum plc Tel: +44 1224 650 920
Graham Stewart, CEO
Stifel Nicolaus Europe Limited Tel: +44 20 7710 7600
Callum Stewart / Nicholas
Rhodes / Ashton Clanfield
BMO Capital Markets Tel: +44 20 7236 1010
Tom Rider/ Jeremy Low/Tom
Hughes
FTI Consulting Tel: +44 20 3727 1000
Ben Brewerton/ Emerson Clarke
This announcement does not contain inside information
Notes to Editors
The Company has, through successive licence applications and
acquisitions, built a substantial and diversified portfolio of
exploration, appraisal, development and production assets in
Norway, the UK and Ireland.
Faroe Petroleum is an experienced operator having operated
several exploration wells successfully in Norway and the UK and is
also the operator of a number of producing oil and gas fields.
Faroe has extensive experience working closely with major and
independent oil companies both in Norway and in the UK.
The Company's substantial licence portfolio provides a diverse
spread of risk and reward. Faroe has an active E&A drilling
programme and has interests in a portfolio of producing oil and gas
fields in Norway and the UK including interests in the Brage,
Ringhorne East, Ula, Tambar and Trym fields in Norway and the Blane
oil field in the UK. In 2016 the Company completed the acquisition
of a package of Norwegian producing assets from DONG Energy
including interests in the Ula, Tambar, Oselvar and Trym fields.
Full year average production for 2018, is estimated to be between
12-14,000 boepd.
In November 2013 and March 2014 Faroe announced the Snilehorn
(Bauge) and Pil (Fenja) discoveries in the Norwegian Sea in close
proximity to the Njord and Hyme fields. In July 2016, the Company
announced the Brasse discovery, close to the Brage field, in
February 2018 the sale of part of its interest in the Fenja field
and in April 2018 the significant Iris and Hades discoveries.
Norway operates a tax efficient system, which incentivises
exploration, through reimbursement of 78% of costs in the
subsequent year. Faroe has built an extensive portfolio of high
potential exploration licences in Norway, which, together with its
established UK North Sea positions provides the majority of
prospects targeted by the Company's sustainable exploration
drilling programme. Faroe has had significant success in
exploration on the Norwegian continental shelf, and the great
majority of the Company's 2P reserves have been generated directly
from Faroe's exploration success.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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