Faroe recently increased its interest in the Enoch field from 1.86% to 13.86% for a nominal consideration. The Talisman Sinopec Energy UK-operated Enoch field has been developed as a single well subsea tieback to the Marathon-operated Brae field.
In addition, Faroe has entered into a contract with Transocean Offshore on behalf of the PL 740 joint venture for the lease of the semisubmersible drilling rig Transocean Arctic. The rig will drill the Brasse exploration well in the Norwegian North Sea.
Brasse will test a structure immediately to the south of the producing Brage field and if successful, could be tied back to Brage (Faroe 14.3%) or alternatively to other nearby installations.
The co-venturer in the PL740 license is Core Energy AS (50%).
CEO Graham Stewart said: “Despite the challenging industry backdrop, Faroe is robust with a strong cash position and balance sheet, and continues to perform very well, with production in line with our increased guidance. We look forward to an exciting three well exploration drilling program for 2016 in Norway, which is firming up on cost-efficient terms, and continue to evaluate the potential to take advantage of further good quality growth opportunities.”
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