Faroe Petroleum core earnings fall

March 25 Tue Mar 25, 2014 3:34am EDT

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March 25 (Reuters) - Faroe Petroleum Plc reported a 16 percent fall in core earnings, hurt by an extended maintenance shutdown at its Njord and Hyme fields in the Norwegian Sea for most of the second half of 2013.

Earnings before interest, taxation, depreciation, amortisation and exploration expenditure (EBITDAX) fell to 80.5 million pounds ($132.74 million) for the year ended Dec. 31 from 96.3 million pounds a year earlier.

Revenue slid 18.5 percent to 129.4 million pounds.

Average economic production fell to 6,059 barrels of oil equivalent per day (boepd) for the year ended Dec 31 from about 6,900 boepd a year earlier.

Faroe reiterated its 2014 production guidance of 4,000-6,000 boepd on Tuesday, and said it expected the Njord and Hyme fields to be back on stream in summer this year.

The company has development and producing assets in the Atlantic margin, Norwegian Sea, the UK and Norwegian North Sea, Barents Sea and offshore Iceland. ($1 = 0.6065 British Pounds) (Reporting by Karen Rebelo in Bangalore; Editing by Joyjeet Das)

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