The Tambar field, in which Faroe has 45% stake, has produced an average of 18,507 barrels oil equivalent per day in the 14 days since the two wells have been on stable production.
Faroe Petroleum said that the two new Tambar development wells have exceeded pre-drill expectations during initial performance.
The firm added that the higher rate of production resulting from the new Tambar wells offsets the lower than expected overall production in the first quarter.
In order to increase field life, production and reserves, the firm plans to install gas lift in three existing wells, with work planned to be completed in Q3 2018.
Faroe has also announced that a technical sidetrack will be drilled at the Fogelberg well located in the Norwegian Sea, ahead of the potential Drill Stem Test (DST) to test reservoir productivity.
Faroe Petroleum CEO Graham Stewart said: “The new production wells have increased Tambar production markedly and, combined with the ongoing installation of gas lift, this will potentially lead to the extension of Tambar field life by up to ten years, while also lowering unit operating costs across the Ula hub area, in which Faroe has significant equity positions.
“I am also pleased to announce that in recent days Faroe has reached a record production level of 19,275 boepd, a testament to our high quality asset base.
“Faroe also continues its busy 2018 drilling program with the ongoing Fogelberg well, before we move to spud our second exploration well of the year in summer at the high impact Rungne prospect, close to the Brasse field.”
The firm plans to drill the Cassidy and Pabow exploration wells later in the year.
