Faroe Petroleum Share Discussion Threads

[wbodger] 14/5/2016 17:48

It looks as if AGR has the rig move scheduled for Tuesday 17/05. No RNS for the time being.

[jumbo66] 13/5/2016 09:28

nice work thanks re jumbo [hd]

[rogerlin] 12/5/2016 08:15

Boa Bison still in Aberdeen while Havila Venus halfway across the North Sea headed for Bergen, still got to go up to Kristiansund to collect the rig.

[wbodger] 11/5/2016 22:36

I guess they'll spud this weekend and maybe RNS on Monday. Once upon a time a spudding announcement would tweak some interest, but not now.

This could be a useful drill if they can extend Brage resources. Brage has been drained of more than the originally-estimated-recoverable oil-equivalents, but NPD shows 6.85 Sm3 still remaining, about 43 mmboe. In 2015 the field produced about 15,700 boepd gross, or 2,240 boepd net to FPM. In-fill drilling has made a difference but the effect seems short lived. (All my own maths, so DYOR.)

I assume a discovery would be offered to the Brage partners in return for some development carry - not much in this climate, so the risk-reward will be heavily skewed on risk to FPM/Core. Still, 50% of a discovery in a hot-spot with infrastructure close should be a decent gamble. (I'm still curious whether the Brage partners declined to farm in, or whether it was kept deliberately by FPM.)

[rogerlin] 11/5/2016 16:59

At last some tugs listed to move the T/O Arctic, hired by AGR N whoever that may be?

[rogerlin] 11/5/2016 08:28

Acquisitions Fund Hitecvision, based in Stavanger, has in just five to six months to a loss of around one billion in the ailing housing rig company Prosafe, writes DN.

The stock plunged Wednesday 27 percent on the Oslo Stock Exchange. Since year-end exchange rate is down around 80 percent, valuing the company at 1.1 billion. Swedbank wrote tomorrow report Wednesday that the stock "is close to worthless."

Hitecvision went through North Sea Strategic Investments heavily into Prosafe in November 2015. With close to 48 million shares, the company Prosafe largest shareholder with 18.5 percent. The cost was around 25 cents apiece in the market, as well as through a rights issue in December.

Investment Company Chairman Frode Berg told DN in January that "this is long-term investments. We follow the plan we have put.

[rogerlin] 06/5/2016 14:07

With Pil, Butch and Njord Future coming along that's a lot of capital expenditure. But there hasn't been any suggestion that Faroe want to sell out of any of these, if indeed it's possible to sell anything at a decent price at the moment.

[wbodger] 06/5/2016 11:20

Centrica are moving away from Exploration/Development. Don't think it will affect Butch, but FPM and Centrica have been partners in lots of recent Applications.

hxxp://www.offshoreenergytoday.com/centrica-unveils-surprise-share-sale-to-protect-credit-rating-dividend/

[wbodger] 06/5/2016 10:47

Also the remains of Rocksource (renamed Pure Energy). There were redundancies at Rocksource, probably more with consolidating 3 companies.

When this consolidation is effective VNG (Operator) will hold 30% of Pil, Point Resources will hold 45%. FPM has 25%.

[rogerlin] 06/5/2016 08:08

Spike in there as well I see.

[wbodger] 05/5/2016 23:54

rog, there is nothing at all about Brasse on the Core Energy website, although it does mention Brage amongst other interests. Core Energy has been absorbed into Point Resources, but too recently to have a useful Website.

No question that Core is still FPM's 50% partner for this drill, so I just find it puzzling.

Anyway, still waiting for boats to be contracted to move T/O Arctic.

--------------------------------------------------

dilip40: guidance for bopd for 2016 is 7 to 9,000 bopd, but read 2015 Prelims from March 29. all your questions are answered in the Highlights at the beginning. They are not fully hedged because production will drop in H2 and 2017-18. Opex reduced to $23/barrel. Etc. Good luck.

[dilip40] 05/5/2016 20:40

market cap £200m

any info on prodduction bpd and costs per barrel hedging etc would be

helpful to new prospective investors cash in hand

[rogerlin] 03/5/2016 08:20

Faroe is the operator at Brasse, don't know if they will hire tugs in their own name or through an agent, but the T/O Arctic still seems stationary in Kristiansund.

[wbodger] 03/5/2016 00:48

Brasse (31/7-1) now has a Drilling Permit and NPDID 7954. Could be some movement of T/O Arctic this week, if that Petro.no information was accurate (due to start 15/5)

[rogerlin] 27/4/2016 08:55

LOGP have relinquished some licences in the Celtic sea. There would certainly seem to be some opportunities there if Faroe are really interested in the area.

[markten33] 26/4/2016 17:57

Finally found a good stockBOD up 130 per cent in April

[wbodger] 22/4/2016 17:12

I came across a line in ExtraInvestor in which a Norwegian poster claimed that Faroe will start Brasse in May.
Edit. Perhaps this is his source: Petro.no Leteuken pencils Brasse in for 15/05, and Cara for June at the earliest. ie duster at Brasse. Lets hope they have to wait till August.

I have been watching for a Drilling Permit for either Cara or Brasse, but nothing yet. I wonder if PSAN's finding of emergency preparedness failings explains what T/O Arctic has been doing in Kristiansund:
hxxp://www.offshoreenergytoday.com/psa-finds-flaws-in-transocean-arctic-emergency-preparedness/

Note the last sentence: ... Transocean Arctic has been awarded a one-well contract with Faroe Petroleum, also a one-well contract with Engie, and a four-well contract with Det norske." Probably Brasse, Cara and Alvheim.

Would NPD hold back on the Wellbore authorisation if the proposed rig was in trouble with PSAN?

Recent permits on NPD are for sidetracks: Wintershall's exploration near Vega using Borgland Dolphin, and Statoil's drilling further southwest beyond Brage using Songa Delta, and Detnor using Maersk Interceptor near Sverdrup. Those drills are underway.

[rogerlin] 21/4/2016 08:45

Not much enthusiasm for Norwegian assets at present it seems.

[harry rags] 14/4/2016 15:58

Lots of buys and no price movement seems a bit strange

[rogerlin] 11/4/2016 18:53

This is about Mayfield Energy but Faroe gets a brief mention.

[rogerlin] 08/4/2016 09:29

"ROC had expected the field to contribute 200 barrels of oil equivalent per day to its output for 2012". (ROC 12%).

Trying to find out what production was expected from Enoch and it is remarkably difficult to get a figure.

[rogerlin] 07/4/2016 08:37

This implies the Transocean Arctic may go to Cara before Brasse? It is still sitting in Kristiansund at the moment.

[rogerlin] 06/4/2016 17:46

"The Enoch field has been developed as a single well subsea tie-back to the Marathon operated Brae field. Enoch was shut-in in 2012 due to mechanical issues in the subsea equipment. The subsea equipment has since been repaired and the field came back on production for a limited period in November and December. Enoch was shut down again on 26th December due to a significant gas release on the Brae A host production platform and since then, all fields which produce through Brae A, including Enoch have been shut-in. It is expected that this problem will be fixed and production will recommence during Q2 2016. Whilst the field was flowing, the oil rates were at the upper end of expectations".

Faroe's website current entry on Enoch. Doesn't seem an especially successful acquisition so far.

[wbodger] 06/4/2016 16:33

Thanks for that, r.
It is believed third party production through Brae has earned more for Marathon than the field itself for a number of years.

Also, 20 years to decommission infrastructure ?? Wow. It looks complicated but surely the Pyramids were built faster.

I still have the 2014 RISC Report commissioned by Deloitte which has some references to the UK Assets which Faroe bought. About decommisioning it says:
US$41 million has been allowed for abandonment of the Blane infrastructure in 2027/2028.

and
US$19.5 million has been allowed for abandonment of the Enoch infrastructure in 2021.