viewFaroe Petroleum plc

Faroe Petroleum turns to ‘enormous’ potential of Darwin wildcat well

The Repsol-operated wildcat in the Barents Sea is due to spud later this quarter, and Faroe says it has the potential to be one of the standout wells of the programme.


Faroe Petroleum (LON:FPM)  this morning said it expects to be producing at a rate of 7-9,000 barrels of oil a day in 2013 as it gears up for another ambitious drilling programme.

The Atlantic Margin focussed group plans a further five wells in the next 12 months at a cost of £50mln, having sunk six in 2012. And with £75mln on the balance sheet (plus undrawn debt) it has the financial wherewithal to implement these plans. 

“We had a pretty active exploration programme in 2012, which was fairly mixed [in terms of results], and we’ve got an exciting programme for this year,” Julian Riddick, Faroe’s company secretary and commercial manager, told Proactive Investors.

“There’s a good mix of risk and reward profiles within the programme.”

Riddick believes that Darwin, a Repsol-operated wildcat in the Barents Sea, due to spud later this quarter, has the potential to be one of the standout wells of the programme.

“Darwin has enormous potential. It is a wildcat, of course, so there is a lot of risk associated with it but if it works the rewards may be very considerable indeed. 

“So that’s the one that is going to generate a great deal of excitement for investors.”

He also picks out the two wells later this year on the Butch prospect, which will follow up the 2011 discovery, as important wells for investors to look out for.

In the nearer term the North Uist result, expected in a matter of weeks, may also be a highlight.

This morning Faroe also revealed that the well on its 30% owned Rodriguez South prospect hadn’t found hydrocarbons in the primary reservoir.  But, it says preliminary analysis suggests hydrocarbons are contained in the Cretaceous reservoir and extensive data gathering is underway.

And it also updated on the Hyme development, which it said is progressing to schedule and is due to start production in the first quarter. 

Once on-stream it is expected to add around 1,000 barrels a day to production.

Quick facts: Faroe Petroleum plc

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Market: AIM
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