Graham Stewart, Chief Executive of Faroe Petroleum says that 2015 was another year of growth and good progress for Faroe despite a backdrop of significantly lower commodity prices.

We delivered our exploration drilling programme safely and under budget, adding further 2C resources, and we doubled our 2P reserves in high quality assets. Our diverse North Sea production portfolio also outperformed expectation, averaging 10,530 boepd with low unit operating costs, and we ended the year with a significant cash position of over £90m and a largely undrawn debt facility.

Tags: Faroe Petroleum