Faroe Petroleum Share Discussion Threads

[wbodger] 09/1/2017 17:45

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.

[jodeens] 08/1/2017 08:10

Top bid targets for 2017
8th January 2017

[rogerlin] 07/1/2017 08:52

"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!

[wbodger] 06/1/2017 15:52

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?

[rogerlin] 06/1/2017 08:20

Tugs have now left Njord and yet Scarabeo 5 is still there, has it been moved? Is it doing any serious drilling?

[rogerlin] 05/1/2017 08:03

This prospect changes name but should surely spud soon.

[wbodger] 04/1/2017 00:25

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.

[rogerlin] 03/1/2017 13:43

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.

[harry rags] 03/1/2017 10:40

Parkmead bought on the 6/12/20072,277,831 shares3.07%£4.124mAs already stated the % will be down from that now

[gargoyle2] 03/1/2017 07:11

Thanks Wbodger.

[wbodger] 03/1/2017 00:01

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%.

[rogerlin] 02/1/2017 08:10

The Scarabeo 8 has set off for Bone. I think it is now being towed by a tug but already seemingly out of range of the marinetraffic free service.

[gargoyle2] 30/12/2016 19:22

Anyone know how PMG came to hold a chunk of FPM?

[harry rags] 28/12/2016 09:17

Perhaps Parkmead ( who have stated they want rid of Faroe shares) could sell their shares to Delek?

[rogerlin] 28/12/2016 08:12

Both the Scarabeo 8 and the tug Saltfjord are in Hammerfest. Likely the tug has already done a pre-lay at Dazzler. Unfortunately as they go north into the Barents the ships seem to get out of range of the basic marinetraffic service, but at least we should be able to see when the Scarabeo sets off!

[gary38] 27/12/2016 18:12

Hurricane energy ( HUR)

[wbodger] 24/12/2016 18:48

hxxp://www.offshoreenergytoday.com/faroe-takes-deepsea-bergen-rig-for-norwegian-ops/

Doesn't say what for. Could it be Oselvar? FPM is also operator for SE Tor and Brasse.

Edit 27/12: The CPR from July included this line about SE Tor: "An appraisal well is being planned for 2017." That CPR contains nothing much about Brasse, but the drill result was only announced in July. Brasse will need an Appraisal campaign to get the reserves logged as 2P, and to submit FDP.

There is one other possibilty: FPM is also Operator at Katie, PL810, although they do not have to commit to a drill there yet. It looks to me like SE Tor, but DYOR.

[wbodger] 24/12/2016 10:21

It's in 7318/12-1 Skaff afaik. (I think any block starting 87xx would be quite close to the north pole ;-) NPD uses latitudes/longitudes for northern blocks.

It's a long way to drag a rig just to drill one wildcat well, so the rig is booked for Goliat Eye afterwards. There was also talk about a return to another ENI operated licence which had a duster in June: Aurela B which was also drilled by Scarabeo.

[scaff55] 23/12/2016 18:05

ENI Norway AS has been given Oil's (ODs) permission to drill exploration well 8724/12-1 Boné-Bigorna in the Barents Sea.
ENI has previously been given the Petroleum Authority's consent to drill the well.
The well is located in the license 716, which lies in blocks 8724/11 and 8724/12 in the Barents Sea.
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.
License 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 drilling start is planned in the end of the year 2016 December/January 2017, with a planned duration of 55 days.
The well will be drilled with the removable device "Scarabeo 8", which is owned and operated by Saipem SpA.
ENI Norway is the operator for the license (30 percent) with partners Bayerngas Norway (20 percent), Faroe Petroleum Norway (20 percent), Petoro (20 percent) and Point Resources (10 percent).

[wbodger] 23/12/2016 16:37

Same to you and yours, and other posters and lurkers here.

[rogerlin] 23/12/2016 16:13

The KL Saltfjord has left Hammerfest and marinetraffic has it heading to Bone, presumably to pre-lay. Looks like the drill will be on for the New Year.

Happy Christmas to all Faroe holders!

[wbodger] 22/12/2016 22:04

Very interesting, Skaff.

Now we know what the surge was, last week. Faroe updated the website already - glad to see the back of Dana. (Frosty relationship there.) Dana's holding didn't change since they took part in the Rights Issue in 2010 (two-for-three at £1/share).

Dana were proved right not to take part: FPM sold shares at £1 in April 2010, £1.20 in June 2014 and 70 pence in July 2016. Dana did not take part in the last two placements. It depends what KNOC booked in their accounts for the FPM holding they got in the Dana takeover, but I'm guessing Dana dangled an offer near their Book Value for whatever reason and Delek took it. Dana had 27.5% in 2010, and had less than half that percentage at the end.

(I hadn't been following Delek/Enq, that's another slant.)