|Bought 44k.Volume is 2nd highest in many months..someone's topping up...Chart looks on the verge of a breakout as well|
This from December, they had a target of 100p, which has been reached, perhaps that's all it is?|
|Purely in the vein of FWIW:-
18 Jan 17 Faroe Petroleum PLC Cantor Fitzgerald Hold 104.00 100.00 100.00 Downgrades
Haven't seen the actual update, so no idea of what cataclysmic event caused the downgrade(possibly just recent relative share price outperformance?) and reduction in target price by a whole 4 new pence-but there it is anyway.|
|While we are looking at these new names I see that Snilehorn has become Bauge, and is now listed as "Hyme and Bauge" on Faroe's website.|
|Four new Norwegian licenses:-
Graham Stewart, Chief Executive of Faroe Petroleum, commented:
"We are very pleased to announce the award of four important new licences in the latest Norwegian licensing round. We have added new exploration plays to our portfolio as well as consolidating our position around the high quality 2016 Brasse discovery which we will be appraising later in 2017."
"We look forward to integrating these new licences into the exploration portfolio. The addition of good quality exploration acreage, our enhanced production portfolio and development pipeline ensures that we continue to expose our shareholders to balanced but high impact growth opportunities|
Comment on Aker/BP. Interesting that they chose not to pre-empt Faroe's purchase of the interest in Ula.|
|"As contractor rates bottom out, investment will stabilize to around US$14 billion. Wood Mackenzie expects there will be at least three FIDs – Snorre Expansion, Njord Future and Snilehorn.
While this is less than the five we saw in 2016, there is a clear case of quality over quantity and Norway will continue to stand out globally,” Boroujerdi said. “All five FIDs in 2016 were subsea tie-backs, but 2017 marks a clear step-change in scale. Statoil’s Snorre Expansion, Njord Future and Snilehorn combined will recover reserves of around 400 MMbbl and bring investment of $6 billion".|
|Offshore Energy has a bulletin that might be read as an update on Scarabeo 5 at Njord:
Scarabeo-5 needs a Pre-lay job, so presumably is about to move away from Njord. (There isn't a R/M showing on Hagland, although the Offshore bulletin does reproduce a different broker's details.) All 6 vessels are currently working, the KLs on ENI's Scarabeo-8 assignment (Bone) which can now release them. Perhaps they are on the way back from the Barents.
Scarabeo-5 assignment may be another Production job for Statoil.|
|Bone/Dazzler 73 7 N, 18 43 E
Wreck of Soviet nuclear submarine Komsomolets 73 43 N, 13 15 E
So a good distance away!|
|Thanks for answer to my question, "what's Deepsea Bergen for". Answer: Brasse Appraisal well. Brasse is a bit deeper than the Faroe-operated blocks in the south NNS and was drilled last year by T/O Arctic, so using the semisub is consistent.
Also reference by GS in the RNS to "early stage development activity" probably means Oda, and possibly Pil. SE Tor not mentioned.|
|License partner Faroe Petroleum Announces exploration well 8724/12-1 Boné is spuddet.
License 716, which contains Boné-prospect (formerly called Dazzler), is located in the western part of the Barents Sea in blocks 8724/11 and 8724/12.
The well will be drilled approximately 80 km north west of Johan Castberg and 320 km northwest of Hammerfest. Water depth at the location is 418 metres.
The primary objectives of the well is Jura steady-and Nordmela sandstone with a secondary target within the Triassic fruholmen and Pickle sandstone formations.
PL 716 was shared out 21. June 2013 for 22. the licensing round on the Norwegian continental shelf. This is the first well will be drilled in the licence.
The well will be drilled with the removable device "Scarabeo 8", which is owned and operated by Saipem SpA. Scheduled duration is 55 days.
ENI Norway (30 percent) is the operator, with partners Bayerngas Norway (20 percent), Petoro (20 percent), Faroe Petroleum (20 percent) and Point Resources (10 percent)|
|"Faroe Petroleum is also pleased to announce that the Licence PL740 partnership has committed to the drilling of an appraisal well on the Brasse discovery in mid-2017 (Faroe 50%). Faroe as operator has entered into a contract with Odfjell Drilling for the use of the semi-submersible drilling rig, Deepsea Bergen, for the drilling operations".
There's your answer Wbodger. And Bone/Dazzler spuds at last!|
|06:35 BHL601 ENI NORGE AS 09:20 Outbound ENHF / XSCD / ENHF
This morning's Bristow helicopter schedule from Hammerfest, is XSCD the Scarabeo 8? Surely they must be at Bone by now!|
|I had completely forgotten about that fire on Scarabeo-5, rogerlin. There's only three exploration drills active on NCS currently, one in each region. Yawn.
I would still like to know what Deepsea Bergen has been contracted for. It's finishing its contract for Statoil for the time being, Faroe won't get it until summer. I don't think it's a particularly high-spec rig, looking at recent activity. Faroe's Operatorships are all in NNS. It's not even obvious why they might need a semisub at all, perhaps just a function of oversupply.|
|Top bid targets for 2017
8th January 2017
|"The offshore safety authority has now granted Statoil consent to use the Scarabeo 5 rig for various well activities associated with production wells on the field". Yes Wbodger this looks to be fairly unexciting stuff, I was curious about the appearance of tugs not long after the Scarabeo 5 had a fire on it, wondered if it was going to be towed away, but looks as if it can continue OK.
Scarabeo 8 much more interesting!|
|Not sure if I'm misunderstanding, rogerlin, but Scarabeo 5 is contracted to Statoil for Njord work. I'm not sure what they're doing but this is off Statoil's page for Njord:
"Due to structural challenges it was decided to tow Njord A to shore in 2015 for substructure reconstruction.... As part of this project preparations will also be made for tie-in of Snilehorn, discovered in the vicinity of Hyme in 2013. The platform is expected to resume production in 2020."
Later it references Njord 'B', the offload vessel, and says that has also been disconnected and brought to shore, and "evaluations are currently underway as to what storage solution to choose for the next production phase at Njord."
2020 target date is later than FPM has been using.
Meanwhile ENI were being cautious with the Scarabeo 8 move until Conor passed. Should be okay now, though. Perhaps spud next week?|
|Tugs have now left Njord and yet Scarabeo 5 is still there, has it been moved? Is it doing any serious drilling?|
This prospect changes name but should surely spud soon.|
|3,888,072 x (5/3) = 6,480,120 if PMG participated fully, and there are now 355 million Shares In Issue, which explains their figure of 1.83%. PMG's investment will be on their books at £8.3 million, or £1.282/share.
Since the 2003 IPO (when the market share price initially closed around 93 pence and there were 47 million shares) FPM have added 308 million shares which would have cost subscribers £340 million. That's a book average of £1.10/share.
The initial investment by Dana must have been when Tom Cross was in charge, because Dana held nearly 29 million shares before that £1 Rights Issue in November 2010. They raised their holding to 48 million but never added any more, nor sold any. I can't work out what their Book Value was without knowing which of the previous three Placements they subscribed to, but FPM must have been on Dana's books for over £50 million. (Of course, it is possible FPM was a spin-off from Dana; then some of Dana's book cost might be lower.)
Delek paid Dana £42.77 million last month. Worth over $50 million now.|
|PMG website has a bit called "our investments", says 3,888,072 shares (1.83%), acquired in Dec 2007 and also rights issue of May 2010. That was 0.66 for each share held at 100p. We have at last got back to that rights issue price but the earlier purchase will still be under water (the placing of Nov/Dec 2007 was at 147p if that was where they came from).
Although KNOC/Dana's holding had reduced percentagewise in recent years IMHO it is good to be rid of it because there was always a risk of a low ball takeover, with Delek taking the stake and the share price strengthening anyway that doesn't seem an issue any more.|
|Parkmead bought on the 6/12/20072,277,831 shares3.07%£4.124mAs already stated the % will be down from that now|
|PMG bought 3% of FPM for cash in December 2007 (perhaps in the 30/11/07 placing).
Their holding was recognised by a Holdings RNS at the time, but there are well over 3 times as many Shares in Issue now. Probably well below 3%.|