Faroe Petroleum yesterday said it was committed to its exploration programme despite posting a major loss.
The north-east-based firm said it was proceeding with drilling at four wells in Norwegian waters.
Faroe’s annual results for the year to December showed flat revenues of £129.2m, with a post-tax loss of £55m after impairment charges of £38.5m and exploration write-offs of £131.7m.
Faroe described itself as “particularly robust”, with a “significant” cash position and sustained production and cash flows from producing assets.
Faroe Petroleum chief executive Graham Stewart said: “We are pleased with the progress of the company in 2014, despite the low oil price environment.”
