Share Name Share Symbol Market Type Share ISIN Share Description
Faroe Petroleum LSE:FPM London Ordinary Share GB0033032904 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 69.75p 69.50p 70.00p 71.50p 69.00p 69.00p 662,343 16:35:21
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 113.0 -122.3 -19.7 - 254.26

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Faroe Petroleum (FPM) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
17:04:0169.956,1344,290.57O
16:55:4769.751,000697.50O
16:54:2969.8033,78423,580.89O
16:53:2869.78200139.56O
16:53:2269.9532,89923,013.73O
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Faroe Petroleum (FPM) Top Chat Posts

DateSubject
27/9/2016
09:20
Faroe Petroleum Daily Update: Faroe Petroleum is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker FPM. The last closing price for Faroe Petroleum was 69.75p.
Faroe Petroleum has a 4 week average price of 66.45p and a 12 week average price of 68.92p.
The 1 year high share price is 82p while the 1 year low share price is currently 42.50p.
There are currently 364,526,610 shares in issue and the average daily traded volume is 666,532 shares. The market capitalisation of Faroe Petroleum is £254,257,310.48.
23/8/2016
15:44
ed 123: Nice article, Rogerlin, ta. :-) Interesting that they are certain Pil's hydrocarbons migrated from the Melke formation. The share price is still suffering from the placing, imo. I thought we had left 70p but not so. Currently 67.75/68.00p in the market.
16/8/2016
13:34
jambo192: "Following completion, the acquisition will add 19.8 mmboe 2P Reserves at a cost of about US$3.5/boe per 2P Reserves and we more than double our FY17 production forecast to more than 15.0 mboe/d. The acquired assets provide opportunities for synergy with Faroe’s legacy assets, as well as cash flow and additional borrowing capacity to fund future growth. On our numbers, the acquisition adds about US$70 mm (net of US$70.2 mm acquisition price), however the Company is issuing over US$80 mm equity at a low share price, resulting in dilution. Net, net and including revised valuations for the Company’s legacy assets in line with the latest CPR, we reduce our ReNAV for Faroe from £1.15 to £1.03 per share. Faroe continues to be one of the very few International E&P stories with a large Net Cash position and no balance sheet concerns. With four key near-term development projects, we anticipate Faroe to triple its current production over the next five years." Firstenergy on research tree
15/8/2016
09:07
ed 123: It's gone. Now 70.5/71.0p. Brent crude continues its recovery from the low of c. $42 at the end of July. The placing shares have hopefully found longer term homes. Brasse is a big and high value barrel find for Faroe. All factors which should move the share price higher. Sector looks stronger of late.
28/7/2016
20:42
ed 123: Ta, itsriskythat. Well, they've spent 13 years raising funds at an average price of just under £1/share and where is the share price after all that time and effort? 67p !!!
21/7/2016
15:26
ed 123: So, there we have it - details of the open offer. Only 1 new share for every 60 held and, looking at the figures, it seems the recent placee holders will be entitled to apply too. As ever, unfair on the long term loyal shareholders. Wondering, is there a lock-in period with the new shares? I had expected the share price to dip back to 70p. Also, the traded volume looks very low following such a big placing.
15/7/2016
13:10
ed 123: The deal itself looks good for Faroe. $70M cost for $20(?)M/annum operating profit. The $109M of tax lossses will give about 4 years of tax free cash. The deal pays for itself in about 3.5 years on an operating profit basis - but cash flow is of course what it's about. It looks like the cash flow (ie. excluding DDA) could be around $50M for 2016? Slight rise in oil price to offset the effect of natural decline in 2017 and 2018? I doubt that BP would want to pre-empt this deal. The assets are tail end of fields and BP would more likely want to sell than buy, imo. The decommissioning cost of £54.5M (or $70M) may arrive in an average 7(?) years time and is an admissible cost for reducing gross profit. Cost of deal plus present value of decommisioning, say $110M. Post-tax cash flow approximately $50M/annum. So, bought on a cashflow multiple of about 2.2 times. From memory, this is about the same multiple as Faroe paid for Ketch and Schooner. Faroe hedged the Schooner/Ketch production, I wonder if they'll hedge the expected production from these Dong assets? Overall, looks good and will give Faroe's staff plenty of work. This raising and purchase of assets may give Faroe the size it needs to hang onto the full 50% of Brasse and see it through to production. If all goes to plan, Faroe's share price could grow by 20-25%/annum compounded over the next three years - target 135p by the end of 2019? I can well understand those who are selling today if they are making a couple of pence per share on the placing but, for me, as a long term holder I intend to sit back and see how things unfold over the medium term. (No advice intended.)
15/7/2016
10:01
ed 123: Looks to be heading down to the placing price - presumably as future recipients offload some current shares to make a quick margin. The share price had been heading up until yesterday, when the word would have gone out about the placing. So, any buyers in the market yesterday (not me, thankfully) got mugged. Yes, the 5M sterling/euro(?) amount is minimal. Hope it will be exclusively aimed at private shareholders, but that has not so far been stated. I had a good moan at the directors the last time about these private placings. I told them the fund raisings should be via rights issues or open offers to all existing shareholders. Of course, they had their reasons, but it's all very cosy. At least this time we will get some sort of chance at the 70p offer price. Without the placing I suspect yesterday would have been another up day. This morning, without the placing, my holding might have been worth 80-85p per share. Instead, it's worth 72p per share. My paper loss is a gain for someone in the circle. That's how existing private investors have been shafted.
14/7/2016
19:09
ed 123: Thanks, CWA1. I would have missed that. Thanks, Wbodger. Good info. Notwithstanding Faroe's cash in the bank, I knew they did not have enough funds to pursue everything they were into (and that excludes Perth/Lowlander/Dolphin - which thankfully appears to have been kicked out into the very long grass). I spoke at the agm about the changed climate for small oil companies and I suggested Faroe should put itself up for sale to test the market (ie. no commitment to sell if price was poor). Soon, with today's announcement, there will be around a third more shares issued, so it will be even harder to move the share price north. I know Dana/KNOC will be unhappy with this. I guess the other big holders have nodded it through and will take up some of the new shares and sleepwalk towards the next discovery/placing iteration. So, I guess the new production will be sufficient give Faroe maybe $22M post-tax cash per annum. There would be three years of that before the accelerated spend on developing Brasse steps up, so Faroe has an extra $66M to put towards a gross Brasse development cost of say $600M (net cost $300M to Faroe)? Once the heavy costs of Brasse development come in, Faroe would be able to set off the Brasse costs against its production income. Two years of Faroe gross income plus some of its cash could pay for the development of Brasse (but only if they don't go off on another adventure). Soon after Brasse comes online, Njord A should open up again (another 6kboe/d to Faroe). So, at the end of 2019 Faroe should be producing 16kboe/day (existing and Dong assests) + 6kboe/day(Njord A) + 35kboe/day(Brasse) = 57kboe/day. At a $30/barrel margin, that would equate to about $130M post-tax income per annum. Assuming 370M shares in issue at that time, earnings might be 35 cents/annum or 27p per annum. Market value? 5 times earnings? Share price 135p? This assumes that the oil price stays at about $50/bbl. If the oil price moves to $60/bbl in 2019, then the share price target would rise (180p?). There is execution risk, though. I just hope I live long enough to get a good return on my Faroe investment. ;-/
12/7/2016
21:00
jasper2712: I would have thought that with a discovery of 80m boe (net 40m to Faroe)that the share price would have moved more significantly than the 6.25p since the announcement of the upgrade. I can remember when Rockhopper discovered 300m their share price went from 30p to 300p and they had a lot more shares in circulation.
14/6/2016
14:39
ed 123: Norwegian government approves the Oseberg Vestflanken2 development. http://www.statoil.com/en/NewsAndMedia/News/2016/Pages/14jun-vestflanken2.aspx In the context of NjordA, the interesting thing for me is the stated reduction of 30% in the break-even price. Unfortunately, I don't know what the previous break-even price was. Does anyone know what oil price is or was needed at OV2 for breakeven? The scale of OV2 is very roughly (smaller oil reserves but needs more development drilling?) similar to NjordA. It might give a clue as to the break-even oil price for NjordA? Good to be holding a share that should be unaffected by Brexit, if it happens. Actually, Faroe's earnings in Sterling terms might rise. Brexit worth a couple of pence onto Faroe's share price? ..... But, most likely, it'll head down with everything else!
Faroe Petroleum share price data is direct from the London Stock Exchange
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