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Faroe Petroleum Share Discussion Threads
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|Another update from First Energy:
|Back to blue chaps :-)|
|update from Panmure out this morning:
On the second page of this article is a paragraph about Perth/Lowlander and Faroe, implying that the OGA might have pressed Faroe to give up their stakes (as of course so did Atlantic effectively). This seems unusual, if someone else wanted the stakes then the normal process would surely be to buy them, even if for a nominal consideration.|
|I missed the announcement on North Flank thanks to computer problems. (Anybody surprised at the result?) But this morning's RNS about Perth and Lowlander does deserve comment: Faroe pulling out (finally). Far from shocking, but still, not good news for Tom Cross, unless he can drum up some interest from new financial backers. We'll have to see what liabilities FPM has - hopefully minimal.
The Njord NF announcement does at least increase knowledge of the Are, Ile and Tilje reservoirs north of Njord. They might not think it's worth developing a 'poor to moderate reservoir' for so little resource, but initially the Snilehorn reservoir target (the Are) was also described as 'poor'. The good surprise at Snilehorn came from Ile and Tilje.
Faroe and VNG have a licence PL753(Zircon) to the north and east of North Flank and south of that is the Shell operated Portrush licence PL793. Faroe has 30% of Zircon and 20% of Portrush, rather better than 7.5% of very little at Njord NF.|
|Thank you for those insights bigdazzler, sounds promising. Your name is well chosen in view of the forthcoming drill of Dazzler in the Barents Sea!
"As part of the high grading of its portfolio, Faroe is withdrawing from the Perth licence and relinquishing the Lowlander licence. The Company had previously written down to zero the carrying value of its interests in both licences".
I didn't spot this paragraph initially in the latest RNS but I must say that personally I find it very positive news.|
|If it helps im bullish on FPM.
On a set of indicators I use for long term turning points two of the important indicators have been broken to the upside which if it maintains current price should so some really healthy gains to the upside.
One of the indicators is a 12 month long term RSI. The downward trendline on this from 2010 has been broken this week.
Also a long term moving average 12 months has just flattened from pointing downwards and price has just broken it to the upside.
My first target is around the pound mark but if the current price maintains I see no reason why price cannot go on an extended bull run and start challenging some of the 2010-11 highs as long term target.|
|Expect a few buy notes in the not too distant future|
|Those sell side analysts must like what they see. Up another 2p this morning. :-))|
|Updates from Panmure and FirstEnergy Capital:
Here is the official NPD version, reservoir quality doesn't seem to be very good.|
|Njord Flank targets must have been very small or not have much net pay!|
|Dazzler? I wouldn't want to be on that drill rig in January!!!
Dazzler pre-drill estimate is given by Faroe as 47 to 987 mmbbls oil and 70 to 1553 Bscf gas.
So, top end-ish, Faroe could get c. 200mboe net.
I wonder if someone would try to buy Faroe if it hit the top end? Just dreaming .... might find nothing at all.|
Small but very close to infrastructure, maybe 15mm gross, taking the middle of estimates.|
|The NPD exploration map is now down to one active well!|
|Songa Delta being towed away to the south now.|
|Skandi Vega also there this morning and so three tugs now assembled. Strangely it too does not show on the spot lists I have looked at, Statoil seem to get some ships directly, makes it all even more secretive.|
|It's strange to see so few rigs in operation on the NCS. There are only three Active on the Exploration map according to NPD, one of which is NF2. Perhaps the winter will be quiet, and any new campaigns will start in the Spring. Faroe did RNS about NF2 so an update should be forthcoming if that campaign is ending.
There could be different explanations for pulling NF3 (if they have), including that there is nothing to be learnt from a second sidetrack, or that they might spud somewhere closer to the target since there is no urgency. Still keeping eyes peeled for a new Webpage or Permit in 6407/7, which will tell us.|
|You are right Scaff55 it's almost there, ahead in fact of the Skandi Iceman. Strange I still can't see it on the spot lists, while the Skandi Iceman has been clearly listed from the beginning. The Troms Arcturus is there too, it has I think been the standby vessel all along, but perhaps it could function as a tug too?|
Tug/Supply Vessel Tug/Supply Vessel
Also on its way drilling must be over news soon?.|
|The Skandi Iceman has set off from Bergen destination Njord/Songa Delta.|
|EdPlus earning in $ and reporting in £ will be a big help as well IMHO|
|You may be right, Rogerlin. :-)
Good to see the share price being supported above 70p at last. I'd say it's got some catching up to do. If (not certain, of course) OPEC and Russia agree in November we could go back above 100p. The Dong asset purchase now looks well timed. Also, whether by plan or luck, the two last raisings look to have been done at good points.
With tax losses available, a rise in the oil price will ramp up cash flow quickly and allow Faroe to hang onto more of its 2P and 2C through development and into production.
The ducks could be lining up for Faroe, including a speedy Brasse development (which would be transformational).|
|I always thought that R/M meant remove but admittedly am not sure about that and these bookings seem quite often to change or be postponed, they will need at least 2 or 3 tugs to move.|
|Skandi Iceman can also operate as a supply vessel. They might need more kit for testing?|