LONDON (Thomson Financial) - Faroe Petroleum Plc. posted a wider first-half
loss, hit by higher exploration costs, but said it is well-financed and is now
benefiting from increasing production revenues.
For the six months to June 30, 2008, the pretax loss widened to 2.06 million
pounds from 1.45 million a year earlier, while revenue rose to 687,000 pounds
from 49,000 pounds.
"The period ahead is the most active in Faroe Petroleum's history, with some
eight wells expected to be drilled in the second half of 2008 alone and many
more to follow in the period beyond," the company said.
TFN.newsdesk@thomson.com
jro/wj
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