As of Jan. 1, the company’s proved plus probable 2P reserves stand at an estimated 60.6 MMboe, an increase of 98% compared to the total of 30.6 MMboe this time last year.
The main reasons for the change are additions from the Butch field in the North Sea and the Pil field in the Norwegian Sea. The Pil 2P reserves do not include the volumes associated with the nearby Bue and Boomerang discoveries, which are currently less mature technically.
Another positive influence came from Faroe’s acquisition of Roc Oil (GB Holdings), giving it a 12.5% interest in the Blane Unit and 12.0% interest in the Enoch Unit.
Faroe hopes to prove further reserves from its firm three-well exploration program in Norwegian waters this year.
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