Profits have risen at North Sea operator Faroe Petroleum, but the firm’s production forecast has been rocked by an extended shutdown of the Njord field.
The company previously expected production to be at the lower end of 7,000-9,000 barrels per day, but now expects average production for 2013 to be down to between 5,500 and 6,500 barrels per day.
The firm said Njord operator Statoil has delayed the start-up of the field until the second quarter of next year to allow extra time for remedial works following a review of the structure.
Despite the shortfall, Faroe saw half-year profits rise for the first part of 2013 to £12.2 million, more than treble the same period last year.
Earnings and revenue fell slightly, with pre-tax earnings down from £62.8m in 2012 to £56.9m this year, while revenue dropped £1.6m to £89m compared with last year.
It is looking to drill five new exploration wells off Norway over the next few months, after work began on the Snilehorn prospect last week.
The wells, one of which, at Novus, will be operated by Faroe, could yield a potential 85m barrels of oil to the company, with exploration for the next year fully funded from existing resources.
“We have completed three exploration wells, and have recently commenced drilling on the first of six wells to be drilled over the coming period all located close to existing producing fields and infrastructure,” said chief executive Graham Stewart.