Shares in Faroe slip

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SHARES in Aberdeen-based oil explorer Faroe Petroleum fell yesterday after it cut its full-year production forecast due to delays at a field in the Norwegian sea.

The company said an extended maintenance shutdown at the Njord field meant it now expects production for 2013 to be in the range of 5,500 to 6,500 barrels of oil equivalent per day (boepd). Last month, the group had forecast production to be between 7,000 and 9,000 barrels.

Shares fell 7 per cent, or 9.5p, to close at 123p.