NORTH Sea-focused Faroe Petroleum yesterday posted a sharp rise in profit, boosted by increased production thanks to a number of acquisitions.
The Aim-listed producer reported that profit after tax for the six months to 30 June increased to £3.7m, up from a £10.1m loss over the first half of last year.
A “significant increase” in production, up to 8,581 barrels of oil per day from 1,263 last year, flattered profits.
Faroe now expects to produce between 7,000 and 8,000 barrels of oil per day, up from its earlier forecast of between 6,000 and 8,000.
Chief executive Graham Stewart said yesterday that Faroe had an “exciting” drilling programme ahead, with four exploration wells scheduled over the next six months.