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Faroe Petroleum: Njord production to resume in Q2 2014

Last updated: 02:15 21 Nov 2013 EST, First published: 03:15 21 Nov 2013 EST

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Faroe Petroleum’s (LON:FPM) 7.5% owned Njord production facility in the North Sea will remain shut down for upgrades and maintenance until next year.

The Statoil operated facility has been under scrutiny for its structural integrity and it has been decided that the deck must be reinforced. It is expected that this rectifying work will be completed in the second quarter of 2014, and after that production will resume.

There are, however, longer term plans under consideration as the Njord area is thought to contain sufficient resources for another 20 years of production.

Possible scenarios under consideration could involve bringing the facility back to shore for more substantial works – reinforcing the structure and/or changing the hull – or the building of a new facility entirely.

Alternatively the partners could ease the load on the existing facility by exploring the possibility of identifying alternative options for continuing development drilling.

The partners will take the next year to carry out this evaluation process.

"Given the very significant remaining value potential in Njord and the surrounding area, we continue to work closely with the operator in order to identify the best long term plans for Njord,” chief executive Graham Stewart.

“We also support Statoil in their efforts to ensure the Njord facility remains a safe work place for everyone involved. Conducting our operations in a safe manner is of paramount importance and remains the first priority in everything we do.

"While we await finalisation of the Njord structural integrity review and scenario analysis, we look forward to one of our most exciting periods ahead.

“Faroe has a significant programme of fully-funded high impact exploration and appraisal wells under way, with the Faroe-operated Novus well currently drilling and the Butch, Solberg and Pil wells soon to commence."

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