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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."