Stock Market News
Faroe upbeat on latest news from Tambar field
Independent oil and gas company Faroe Petroleum announced on Friday that both new infill wells drilled this year on the Tambar field in Norway, where it holds a 45% working interest, have now been brought successfully on production.
The AIM-traded firm also updated the market on the Fogelberg well operation, in which a technical sidetrack would now be drilled ahead of the potential drill stem test, to test reservoir productivity.
It said the two new Tambar development wells had been completed and put on stream, with initial performance exceeding pre-drill expectations.
During the 14 days since both new wells had been on stable production, the Tambar field produced at an average flow rate of 18,507 boepd.
On 20 April, Faroe reached a record net production level of 19,275 boepd, with 2018 production guidance currently remaining unchanged at 12-15,000 boepd.
"I am pleased to announce the successful commencement of production from two new infill wells on the Tambar field," said Faroe CEO Graham Stewart.
"The new production wells have increased Tambar production markedly and, combined with the ongoing installation of gas lift, this will potentially lead to the extension of Tambar field life by up to ten years, while also lowering unit operating costs across the Ula hub area, in which Faroe has significant equity positions.
"I am also pleased to announce that in recent days Faroe has reached a record production level of 19,275 boepd, a testament to our high quality asset base."
Stewart said Faroe also continued its busy 2018 drilling programme with the ongoing Fogelberg well, before it moved to spud its second exploration well of the year in summer at the high impact Rungne prospect, close to the Brasse field.
"This will be followed by the Cassidy and Pabow exploration wells later in the year."
The AIM-traded firm also updated the market on the Fogelberg well operation, in which a technical sidetrack would now be drilled ahead of the potential drill stem test, to test reservoir productivity.
It said the two new Tambar development wells had been completed and put on stream, with initial performance exceeding pre-drill expectations.
During the 14 days since both new wells had been on stable production, the Tambar field produced at an average flow rate of 18,507 boepd.
On 20 April, Faroe reached a record net production level of 19,275 boepd, with 2018 production guidance currently remaining unchanged at 12-15,000 boepd.
"I am pleased to announce the successful commencement of production from two new infill wells on the Tambar field," said Faroe CEO Graham Stewart.
"The new production wells have increased Tambar production markedly and, combined with the ongoing installation of gas lift, this will potentially lead to the extension of Tambar field life by up to ten years, while also lowering unit operating costs across the Ula hub area, in which Faroe has significant equity positions.
"I am also pleased to announce that in recent days Faroe has reached a record production level of 19,275 boepd, a testament to our high quality asset base."
Stewart said Faroe also continued its busy 2018 drilling programme with the ongoing Fogelberg well, before it moved to spud its second exploration well of the year in summer at the high impact Rungne prospect, close to the Brasse field.
"This will be followed by the Cassidy and Pabow exploration wells later in the year."
Related share prices |
---|
Faroe Petroleum (FPM) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price