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As of 3:06 AM 07/22/14 All times are local (Market data is delayed by at least 15 minutes).

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05/5/14 - €1.86
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faroe petroleum plc (GYJ) Details

Faroe Petroleum plc, an independent oil and gas company, is engaged in the exploration, appraisal, development, and production of oil and gas fields in Northwest Europe. The company holds interests in the Njord, Hyme, Brage, and Ringhorne East fields in Norway; and the Blane and the East Foinaven fields in the United Kingdom. It also holds production interests in the Jotun field in Norway; and the Schooner, Topaz, and Orca gas fields in the UK Southern Gas basin. The company was founded in 1997 and is headquartered in Aberdeen, the United Kingdom.

46 Employees
Last Reported Date: 06/3/14
Founded in 1997

faroe petroleum plc (GYJ) Top Compensated Officers

Chief Executive Officer, Executive Director, ...
Total Annual Compensation: 479.0K GBP
Chief Financial Officer
Total Annual Compensation: 167.0K GBP
Chief Operating Officer, Executive Director, ...
Total Annual Compensation: 380.0K GBP
Compensation as of Fiscal Year 2013.

faroe petroleum plc (GYJ) Key Developments

Faroe Petroleum plc Recommence Production at the Njord and Hyme Fields in the Norwegian Sea

Faroe Petroleum plc announced that production has recommenced at the Njord and Hyme fields (Faroe 7.5%) in the Norwegian Sea. The Njord and Hyme fields have been successfully brought back onto production following the shut-in period used to carry out structural reinforcement work. Highlights includes: Average production from Njord and Hyme prior to the 2013 shut-in was approximately 48,000 boepd (gross) and 3,600 boepd (net to Faroe); The Njord and Hyme fields are expected to be on production until mid-2016, when the plan is that modifications to the facility will be undertaken in a yard to enable future drilling operations and an extended lifetime of the Njord field; In parallel, the partnership is carrying out a number of studies aimed at creating maximum value and extending Njord's life by many years; Group production guidance for 2014 remains at 4,000-6,000 boepd (with a further 3,000-4,000 boepd of economic production from the acquisition of interests in Schooner and Ketch, expected to complete in Fourth Quarter 2014); Average production from Njord and Hyme prior to the 2013 shut-in was approximately 48,000 boepd (gross) and 3,600 boepd (net to Faroe).

Faroe Petroleum Announces the Completion of a Successful Side-Track Well and an Oil Discovery on the Bue Prospect in the Norwegian Sea

Faroe Petroleum announced the completion of a successful side-track well and an oil discovery on the Bue prospect (Faroe 25%) in the Norwegian Sea.  Bue oil discovery: The Bue side-track well (6406/12-3 A) was drilled to a depth of 3,656.5 metres below sea level, 2.1 kilometres north east of the Pil discovery well 6406/12-3 S. The objective was to investigate the extent, thickness and reservoir properties in the Middle and Upper Jurassic reservoirs in the Bue prospect and to establish the pressure regime and hydrocarbon/water contact. The well encountered an 18 metre hydrocarbon column in reservoir rocks of variable quality. Pressure data indicates no communication between the Pil and Bue discoveries and Bue has therefore proven a separate accumulation of hydrocarbons. An extensive data acquisition programme was carried out including a fluid sample and the operator's preliminary estimate of the gross size of the Bue discovery is between 6 and 25 million barrels of recoverable oil equivalent ("mmboe"). Pil updated resource range: In addition, following the Pil side-track, which encountered a gross hydrocarbon-bearing reservoir section with approximately 80 metres of oil in the Upper Jurassic reservoir of the Rogn Formation, the operator of the licence, VNG, has advised the partners of an updated gross recoverable resources range estimate for the Pil discovery of 72 to 172 mmboe (18 to 43 mmboe net to Faroe), up from a previous gross recoverable resource range estimate of 50 to 170 mmboe. The Pil and Bue discoveries are located approximately 33 kilometres to the south east of the Njord platform (in which the Company holds a 7.5% equity interest) and are therefore expected to be within tie-back distance of the platform. VNG Norge AS (30%) managed drilling operations using the Transocean Arctic drilling rig, with partners Spike Exploration Holdings AS (30%) and Rocksource Exploration Norway AS (15%).  The Pil and Bue wells will now be permanently plugged and abandoned as planned.

Faroe Petroleum plc Announces Butch South West Exploration Well Drilling Results

Faroe Petroleum plc announced that drilling has reached target depth on the Centrica-operated Butch South West exploration well 8/10-6S which follows up the Butch East well and the Butch Main discovery (Faroe 15%). The Butch South West exploration well 8/10-6S spudded in early June 2014 and reached total depth of 1,945 metres in the Permian Zechstein salt formation. The well targeted sandstones of the Upper Jurassic reservoir of the Ula formation and whilst a good quality reservoir was confirmed with a 55 metre gross section, no hydrocarbons were encountered.


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