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Faroe's transformational year
Posted 25.05.2012 08:57:11 av John Bradbury
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Faroe Petroleum's chairman John Bentley said the company has had a “transformational year” after making major progress on its growth strategy.

The Aberdeen based exploration company has gone from a minnow to becoming a major exploration player and it is currently involved as a partner in drilling three wells, at North Uist in the UK West of Shetlands region, at Cooper in the Norwegian Sea, and its first operated well offshore Norway, on the Clapton prospect.

Speaking at the company,s annual meeting, chairman Bentley told his audience: “2011 was a transformational year for the company, in which we added significant production, increased reserves over and above expectations and continued with our focus on high impact exploration, delivering some considerable successes with the drill bit.”

Bentley continued: “Through the acquisition of 18% of the Blane field [in the UK North Sea] and the ground-breaking deal to monetise our significant 2010 Maria discovery by exchanging it for high quality, long life oil and gas production from four Norwegian fields with Petoro; we have significantly increased the value of the business both from an operational and shareholder perspective.”
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