Faroe Petroleum Share Discussion Threads

[jusmasel99] 03/6/2016 12:45

Faroe just awarded new licence in Irish Waters hxxp://www.dcenr.gov.ie/news-and-media/en-ie/Pages/PressRelease/2015%20Atlantic%20Margin%20Oil%20and%20Gas%20Exploration%20Licensing%20Round%20Phase%202%20Awards.aspx

[rogerlin] 02/6/2016 08:57

Personally I am disappointed that Faroe did not get/apply for anything in the recent licensing round for new acreage in the Barent's sea. If we are ever to find the hoped for elephant that is surely where it will be. There is still PL716 Dazzler, operator ENI, it looks as if that well has to be drilled by 21.1.17 although the initial period is until 21.6.17, not sure which date is the absolute cut off.

[wbodger] 01/6/2016 17:12

Point Resources is now effective, and NPD shows them as Faroe's partner on PL740, replacing Core. (As well as PL586 Pil amongst others.)

hxxp://www.offshoreenergytoday.com/hitecvisions-new-oil-company-now-in-operation/

[rogerlin] 01/6/2016 08:18

As Faroe is the operator perhaps we might hope for a little more news flow than we are used to with the likes of VNG and Wintershall.

[wbodger] 31/5/2016 23:34

AGR still have Viking Prince on contract until June 26. Scope Of Work: One well + option. (Optional sidetrack?)

Interesting that one of Faroe's Independent Non-Exec Directors is also a Director of AGR. So far no complaints, they got the rig moved and spudded efficiently enough. Good idea to use a specialist keen for the work.

(

[rogerlin] 28/5/2016 08:45

It says here that the transaction excluded Noreco's stake in Enoch which was sold to Capeomega, which seems to be Hitecvision.

[wbodger] 27/5/2016 07:13

The ATLA situation is odd. Chestnut field was their last unforfeited asset and they have defaulted on that. So they have gone out and borrowed £7 million from a Fund to limp on in name only, operating in Eurasia (the far north?) Arabo said "the good news is that in a period where companies are going bankrupt, this development gives us the possibility to go on with our company". I think he means "the good news for Board Members" etc. Hard to see what is the point for shareholders.

Also yesterday, Noreco Norway had their AGM after selling out all their petroleum interests to Detnor in March. That affects FPM peripherally, in that 15% of PL006C, South East Tor, is one of the interests Detnor gets. (I have posted before about it, Detnor picked up Noreco's 45 million Kroner bank account for 1 Kroner - so the obligations on the assets must have been substantial - but they also included 20% of the Gohta discovery which is a good one.) The transfer has to be approved by NPD before the database is updated, but Detnor's website does not show PL006C as an asset.

[rogerlin] 24/5/2016 08:48

Almost every Jurassic sandstone in the Norwegian North sea seems to be mentioned as a possible target here. "Targeting estimated un-risked possible reserves of 14-33 mmboe (gross) (not-including the Draupne pinch out case or the stacked potential in Songefjord, Fensfjord and Brent" is the comment in Faroe's last presentation. With such a wealth of possibilities let's hope they hit something good.

[cwa1] 24/5/2016 07:19

For the record:-

Brasse exploration well commences drilling in the Norwegian North Sea

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal, development and production opportunities in Norway and the UK, is pleased to announce the commencement of the Faroe-operated Brasse exploration well 31/7-1 in the Norwegian North Sea (Faroe 50%).

The Brasse prospect is located immediately south of the producing Brage oil field (Faroe 14.3%) and, if successful, could be tied-back to the Brage facilities or alternatively to other nearby installations. The well will target the Jurassic aged sandstones in a four-way dip-closed structure with a total vertical depth of approximately 2,750 metres in the Early Jurassic Statfjord Formation.

The water depth at the site is 118 metres and the well will be drilled using the semi-submersible Transocean Arctic drilling rig. The co-venturer in the PL740 licence is Core Energy AS (50%).

Graham Stewart, Chief Executive of Faroe Petroleum commented:

"I am pleased to announce the spudding of the Faroe-operated, Brasse exploration well located in close proximity to our producing Brage oil field. This is a near field exploration target which provides significant upside potential to Faroe, in one of our core areas. On a post-tax basis the well is expected to cost Faroe less than GBP2 million."

[wbodger] 23/5/2016 08:44

The KLs and Boa Bison and Havila Venus have all left and the rig is anchored in place, attended only by Viking Prince, a general purpose offshore vessel.

[rogerlin] 23/5/2016 08:30

The well will be drilled by "Transocean Arctic." Startup has previously been set to May 15, 2016 and operations are planned to last 31 days the dry well, and a maximum of 57 days at the findings, including logging, core samples and possible sidetrack.

Primary objectives live 31 / 7-1 Brasse is to investigate the presence of reservoir and hydrocarbons in Fensfjord sandstone formation in the Viking group, which is expected to contain gas and oil. Secondary objectives are sandstone formations in the Brent group, and sandstone formations Cook and Statfjord in Dunlin.

If the exploration well is successful, it can be linked back to Brage, where Faroe has a stake of 14.3 percent, or at other nearby installations, according to the company.

31 / 7-1 Brasse will have a total of approximately dybdre 2750 m TVD / RKB into the lower part of the Statfjord formation, both dry well and discoveries.

Faroe has previously estimated well costs after tax to be less than GBP 2 million, equivalent to NOK 26,360,000 by today

[wbodger] 21/5/2016 14:50

ETA 1 PM tomorrow. I think you're right about anchor pre-laying, some pages on google about it.

[rogerlin] 21/5/2016 08:24

The Boa Bison, Havila Venus and Transocean Arctic now heading out together, while the KL's are already at Brasse.

[wbodger] 20/5/2016 20:04

Contracting the KLs is usually a good sign. They always seem to get involved in rig moves - they seem to have more BHP (36000) than the others.

Four tugs contracted means the move must be imminent.

[rogerlin] 20/5/2016 08:25

Now appears on the NPD list too. Boa Bison and Havila Venus now at Kristiansund although the two KL's not there yet. Can they move with two tugs? I think in the past it has usually been three, one may go to Brasse and pre-lay perhaps.

[wbodger] 19/5/2016 16:46

PSAN problem with T/O Arctic was evidently cleared, because approval was reported a week ago:
hxxp://www.offshoreenergytoday.com/faroe-petroleum-get-green-light-to-drill-brasse-prospect-norway/

and today this link reporting NPD's consent which I posted 3rd May (looks like offshoreenergy missed it):
hxxp://www.offshoreenergytoday.com/green-light-for-faroes-north-sea-wildcat/

[ed 123] 19/5/2016 10:21

Rough calculations - At the minimum of 27mmbbl recoverable, breakeven oil price about $40/bbl? At the top end of 51mmbbl recoverable and $60 oil (in 2019?), post-tax cash, net to Faroe, c. $40M, or about 10p per share.

Significant Butch expenditure is two years away. Faroe has sufficient funds to pay its share of capital costs.

Butch cash flow might time well to meet some of Faroe's Pil development cost. Also, Njord should be back on line and meet some of the Pil costs.

The press are expecting another asset buy soon.

Faroe's looking like a long-term hold for me.

[wbodger] 19/5/2016 08:52

This link was posted on III yesterday about Butch (posted by olechr). It's in Norwegian, so one of the English language sites might pick it up (or a translator-bot if you don't mind):
hxxp://offshore.no/sak/267504_na-jakter-de-rigg-til-nytt-felt-i-nordsjoen

Basically a contract for three Development drills has been invited, for drilling in 2018, and the article speculates that with 19 rigs idle the day rate bids they can expect will be way down on the table of historical day-rates listed at the end.

Probably no announcement from Centrica until they sign something.

[rogerlin] 19/5/2016 08:30

Nothing for Faroe in this latest, Barent's sea, licence round.

Boa Bison approaching Kristiansund.

[rogerlin] 18/5/2016 08:22

AGR have now engaged the KL Sandefjord and KL Saltfjord as well, can't be long now.

[rogerlin] 16/5/2016 16:21

Boa Bison setting off from Aberdeen for Mongstad, Havila Venus in Bergen, it will take some days yet to move the rig at this rate.

[aimstocks1] 15/5/2016 09:28

Faroe Petroleum poised to snap up North Sea bargain
15th May 2016

[bigbigdave] 15/5/2016 08:31

Faroe Petroleum poised to snap up North Sea bargain

Independent oil explorer Faroe Petroleum expects to buy up discount North Sea assets within months as it prepares to position itself for a market recovery.