News

September 28, 2009

2009 Starts To Add Up For Faroe Petroleum As Drillbit Strike Follows Recent Commercial Successes

Thousand and nine is shaping up to be pretty good for Faroe Petroleum: in the first six months of the year, the AIM-quoted E&P pumped 1,500 barrels of oil equivalent per day generating turnover of £2.9 million, and shored up the balance sheet by the profitable sale of its stake in the Breagh gas discovery. But perhaps more important than the bottomline numbers is the that the asset that has been laid down, has the potential to deliver real growth and value going forward.

Chief among these assets is the Atlantic Margin portfolio.  Here Faroe has amassed a series of frontier exploration licences that could prove company-making.  The AIM company now holds 14 licences on Europe’s Atlantic Margin - six in the Faroes and eight in the UK – making Faroe the third largest gross licenced acreage holder after Statoil and DONG.  Not many small cap E&Ps operate in these high risk waters – this is `Big Oi’ territory – and Faroe’s footprint here really sets...