Reserves upgraded at Aberdeen's Faroe

FAROE Petroleum, the Aberdeen-based oil and gas explorer, yesterday revealed that it expects to add a further 3.2 million barrels of oil equivalent (MBOE) to its reserves from the Norwegian fields it swapped with Petoro in April, on top of the existing 14 MBOE already factored into its reserves.

Graham Stewart, chief executive of Aim-quoted Faroe, said: "We are very pleased with progress of the Petoro transaction. We are also encouraged by the higher than expected production rates of the fields we are acquiring during the first half of the year."