Spirit Energy’s production levels have been “slightly below expectations” so far this year due to unplanned outages at Morecambe Bay and “issues” on non-operated Norwegian fields.
Spirit co-owner Centrica said production was expected to be in the “lower half of the 2018 targeted range of 50-55million barrels of oil equivalent”.
In a trading update, Centrica said an appraisal well on Spirit’s Fogelberg field in Norway revealed the presence of more resources than expected.
Flow test results are expected later this month.
At the time, Spirit said it would initially be capable of producing around 50million barrels of oil per year from 27 fields.
Centrica has a 69% stake in the venture and Bayerngas Norge’s former shareholders, led by Stadtwerke München Group, hold 31%.
Centrica said Spirit Energy’s total capex was likely to total £500million this year.