Reuters: Hot Stocks: Faroe Petroleum cuts full-year production forecast

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Faroe Petroleum cuts full-year production forecast Sep 26th 2013, 07:51 Sept 26 | Thu Sep 26, 2013 3:51am EDT Sept 26 (Reuters) - Faroe Petroleum Plc slashed its full-year production forecast due to an extended maintenance shutdown at its Njord field in the Norwegian Sea, sending its shares down 7 percent. The company now expects production for 2013 in the range of 5,500 to 6,500 barrels of oil equivalent per day (boepd). Faroe in August said it expected average production this year to be at the lower end of its range of 7,000 boepd to 9,000 boepd. The company has development and producing assets in the Atlantic margin, Norwegian Sea, the UK and Norwegian North Sea, Barents Sea and offshore Iceland. Earlier this month Faroe said that the start-up of the Njord and Hyme fields scheduled for Sept. 15 had been delayed until the latter half of the month. Average economic production was 7,890 boepd during the six months ended June 30. Revenue was marginally lower at 89 million pounds ($143.00 million) "The market will continue to focus on the production downgrades rather than the longer term upside potential of the active exploration programme," Cantor Fitzgerald analyst Sam Wahab said in a note. Faroe's shares were down about 6 percent at 124 pence at 0750 GMT on the London Stock Exchange on Thursday. They fell as much as 7 percent in early trade. ($1 = 0.6224 British pounds) (Reporting by Karen Rebelo in Bangalore; Editing by Supriya Kurane) Link this Share this Digg this Email Reprints

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