Faroe Petroleum plc (LON:FPM) has revealed an uplift in production as a result of the Tambar field, where two new infill wells have been added.
At the same time, the company highlighted that a sidetrack well is now being drilled at the Fogelberg project ahead of a planned Drill Stem Test (DST) to test reservoir productivity.
READ: Faroe Petroleum shares in focus as DNO quickly builds a stake
Tambar is a 45% owned asset for Faroe, and it highlighted that the performance of the two new wells has been better than expected.
The field has produced an average of 18,507 barrels oil equivalent per day in the fourteen days since the two wells have been on stable production – that’s 8,328 boepd net to Faroe.
By April 20, Faroe’s group net production reached a new company record high at 19,275 boepd.
It said, however, that its 2018 production guidance of 12,000 to 15,000 boepd will remain unchanged.
“The new production wells have increased Tambar production markedly and, combined with the ongoing installation of gas lift, this will potentially lead to the extension of Tambar field life by up to ten years, while also lowering unit operating costs across the Ula hub area, in which Faroe has significant equity positions,” said Graham Stewart, Faroe Petroleum chief executive.
He added: "Faroe also continues its busy 2018 drilling programme with the ongoing Fogelberg well, before we move to spud our second exploration well of the year in summer at the high impact Rungne prospect, close to the Brasse field.
“This will be followed by the Cassidy and Pabow exploration wells later in the year."