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4-Traders Homepage  >  Equities  >  Euronext Amsterdam  >  Royal Dutch Shell A    RDSA   GB00B03MLX29

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Shell: Reassessing Development Plan For North Sea Fram Oil, Gas Field

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02/22/2013 | 02:11pm CEST

By Selina Williams

LONDON--Royal Dutch Shell PLC (>> Royal Dutch Shell Plc) is reassessing its development plan for the Fram oil and gas field in the North Sea following "unexpected" initial drilling results, the company said late Thursday.

Shell had planned to produce an average of 35,000 barrels of oil equivalent a day from the field, with first production targeted within the next three years.

"Development drilling for the Fram field began last year but early assessments have shown unexpected well results. Development drilling will continue for the next several months and the results will inform a revised strategy for Fram," Shell said in a statement posted on its website.

Shell and its partner in the joint venture Esso Exploration & Production UK Ltd., a unit of Exxon Mobil Corp. (>> Exxon Mobil Corporation), is continuing to evaluate the potential of the Fram reservoirs, with a view to producing an alternative development plan for the field, Shell said.

Shell has already cancelled an order with SBM NV (>> SBM OFFSHORE) for a floating production storage and offloading vessel, or FPSO, that was to be used in the Fram project.

The Fram field is located 220 kilometers east of Aberdeen and 50 kilometers west of the median line between the U.K. and Norway in a water depth of approximately 100 meters.

Write to Selina Williams at selina.williams@wsj.com; Twitter: @selinawilliams3

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(MORE TO FOLLOW) Dow Jones Newswires

02-22-13 0810ET

Stocks mentioned in the article : Royal Dutch Shell Plc, SBM OFFSHORE, Exxon Mobil Corporation
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Financials ($)
Sales 2016 230 666 M
EBIT 2016 13 689 M
Net income 2016 7 879 M
Debt 2016 64 701 M
Yield 2016 7,52%
P/E ratio 2016 18,51
P/E ratio 2017 10,29
EV / Sales 2016 1,16x
EV / Sales 2017 0,93x
Capitalization 203 829 M
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 30,7 $
Spread / Average Target 24%
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Ben van Beurden Chief Executive Officer & Executive Director
Charles Holliday Chairman
Simon P. Henry Chief Financial Officer & Executive Director
Harry Brekelmans Director-Technology & Projects
Gerardus Johannes Wijers Deputy Chairman
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ROYAL DUTCH SHELL A4.41%205 067
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