OSLO: Faroe Petroleum has confirmed that it is committed to its exploration programme off Norway this year, despite the fall in oil prices.
The Aberdeen-based firm said it was proceeding with drilling at four wells.
It added that its programme would benefit from Norway’s 78% exploration tax rebate.
The commitment was made in Faroe’s annual results statement for the year to the end of December.
It reported flat revenues of £129.2m for the year, with a post-tax loss of £55m after impairment charges of £38.5m and exploration write-offs of £131.7m.
Faroe described itself as “particularly robust”, with a “significant” cash position and sustained production and cash flows from producing assets.
It has anticipated average full-year production in the range of 8,000 to 10,000 barrels of oil equivalent per day from all fields.
Faroe has a production portfolio of seven principal fields, split evenly between oil and gas.
