Faroe Petroleum Share Discussion Threads

[rogerlin] 25/11/2015 09:30

Wbodger agree the area of Zircon (PL753) is most impressive. Looking on the NPD I see there was one old well in that area, 6407/8-1.

"Top Viking Group was encountered at 4094 m, 30m shallower than prognosis. No major sandstone was penetrated at prospect level or within the Viking Group. Minor sandstone and limestone horizons were penetrated within the Upper Cretaceous (Lange Formation, Early Turonian). These horizons were hydrocarbon bearing, recorded on logs as well as in the form of oil shows. Due to bad hole conditions no wire line logs were run below 3491 m. MWD GR and resistivity logs were however run below this depth. No cores were cut and no fluid samples were taken. The well was permanently abandoned on 7 June 1992 as a dry well with shows".

A while back Faroe seemed very confident that they were able to map the Cretaceous Lange prospects on seismic but the finds at Solberg etc came in thin. Looks like this was thin too but oil shows rather than gas.

[rogerlin] 24/11/2015 08:46

Ornen spudded, estimate 60 days. Of the four active drills on the NCS, three are Lundin (the other Wintershall).

[wbodger] 23/11/2015 23:26

The Presentation is worth a look (thanks Skaff). Some new shapes around Njord-Draugen look interesting (Page 7). Zircon is vast (possibly thin? Solberg analogue) but there are a few shapes south of it in the Portrush block too. There is one big target due east of Njord. Fjaer is shown but there is nothing northwest of Pil (Tommeltott direction), or southwest of it (Slynge).

Page 9 Brasse looks worth a drill, although you wonder why it has not been drilled before? Nothing at all has been drilled in Block 31/7.

Njord North flank is new, and pencilled in for late 2016.

It looks as if Bister is still shown as a prospect, wrongly labelled Hyme on Page 7. Hyme is the oilfield under the pointer, the prospect (yellow) lies north of it, just where they drilled 6407/8-7 this spring. Worth another drill or just an error?

[wbodger] 23/11/2015 23:24

Farewell Iona, certainly. Noreco forfeiting its 20% of Huntington means two of Huntington's principals are out, leaving PMO (40%) and E.On (25%). If anyone wants 35% I doubt PMO and E.On would compete. (PMO just exited Norway, and E.On have received a bid on its Norway assets from LetterOne.) But Huntington's a bit jinxed isn't it? Not for Faroe, imo.

Atlantic has part of Perth and the FDP is grinding along, although Atlantic's page suggests funding is still an issue, which would kibosh it at these oil prices. This is from Atlantic: Owners have agreed the commercial and ownership framework and a Heads of Agreement for the Joint Development of the fields signed, which covers equity alignment or “Unitisation” process, budget and management of the joint near term work programme, and plans for securing finance for the project.

The page is a bit out of date. It's only briefly mentioned in FPM's latest Presentation.

[rogerlin] 23/11/2015 08:38

Troubled times at Iona and Atlantic.

[scaff55] 20/11/2015 10:56

Company Presentation November 2015 on there website.

[rogerlin] 19/11/2015 08:18

Permit for Ornen.

[rogerlin] 18/11/2015 08:15

Transocean Arctic on the move, has reached 70 degrees north but still well west of Hammerfest.

[wbodger] 16/11/2015 21:15

Good summary from RBC (thanks ohisay)

[wbodger] 16/11/2015 21:02

It looks as if that is to reduce Premier's debt. Not sure $120 million is material to them but every little helps.

Not sure what is worth $120 million. Froy is mentioned, but it stopped producing in 2001. Perhaps it can be revived? Vette and Mackerel are isolated old discoveries in Block 25, undeveloped originally but re-issued under new licence applications in 2007. PMO became Operator in 2013. Premier is also Operator in 4 licences in the NNS on or near the southern border and participant in two nearby MOL licences. (Those are near the SE Tor licence that FPM has taken over.)

Premier will presumably seek to exit UKNS too. They gained 5 pence on the day. I'm not sure why.

Detnor had a capital raise last year combined with an increase in borrowing to buy Marathon's North Sea assets, so that they would have cash-flow for their share of Johan Sverdrup development. Not great timing, but they obviously feel confident of their indebtedness, confident enough to add to it.

[rogerlin] 16/11/2015 08:51

And here is the Detnor version. The assets comprise Froy and Vette/Mackerel but there are also tax losses to complicate things.

[rogerlin] 16/11/2015 08:37

PMO selling its Norwegian interests to Detnor.

[wbodger] 12/11/2015 20:14

Thanks hashertu, Now you mention that about Fjaer that's what you posted. Tommeltott was a different post by someone noticing it still featured in a Spike presentation.

rogerlin, re Neiden: history might explain moving the rig to the Norwegian Sea:

Island Innovator spent spring/summer on Barents drills at 72 degree latitude, but last autumn/winter it drilled Gemini and two others in the NNS, so it looks as if coming south for Lorry is consistent with previous practice. Also, after Lorry there is another NNS assignment, Fosen.

Ornen is about 288m deep. It looks as if T/O Arctic which will also be used for Kvalross, may be rated for Arctic conditions in winter but Island Innovator is not.

[hashertu] 12/11/2015 12:11

Wbodger. Post 7314.

I don't recall any mention of Tommeltott, just that Fjaer had become less interesting after seismic reanalysis.
However, if Blink once contained oil, perhaps it migrated to towards Fjaer.

[rogerlin] 12/11/2015 07:52

Neiden just paused apparently.

[wbodger] 12/11/2015 00:38

I was thinking the same about the announcement. Faroe was quick to call it dry, VNG more cautious. They might have wanted to wait for Lorry, before being definitive. (Faroe not involved of course.) Spike will not want to admit they overpaid for Rocksource, but they did unless more oil is found.

The PL586 consortium might come back for Fjaer if VNG get any encouragement from Lorry. I haven't forgotten Tommeltott, but didn't GS seem less than keen at an AGM? Perhaps hashertu can remember? It was off in the direction of the undeveloped 6406/11-1 waxy oil discovery.

The latest presentation does show Slynge, and that must be a possibility for drilling by Faroe/Centrica, but they would want to include VNG for their geology team/knowledge of the area.

If VNG shift their attention to the north there are Rosapenna and Zircon which we share with them. Both candidates to be developed through Njord, if anything is found.

[rogerlin] 11/11/2015 19:08

"Traces of oil" surely indicates that it was there and has leaked out. The reservoir is certainly there and the source rock also because that is interleaved with the Rogn. Alastair Welbon said the seal at Pil was the Lyr formation. Still hope that somewhere in the licence there will be a seal. Spike named Fjaer and Tomeltott as potential targets.

[ed 123] 10/11/2015 20:05

Well, I know they enter at a 'low' level and look for a quick exit, but ....

[wbodger] 10/11/2015 18:57

Ed, re #7308:
Gorblimey no. Activist shareholders just take advantage of undervalued companies and stop the share recovering. (Crystal Amber at Hurricane.)

[ed 123] 10/11/2015 18:50

There's a similar report on the VNG website today.

[wbodger] 10/11/2015 18:42

NPD have reported only 'traces of oil' found at Blink. (Substantial column of Melke sands though, afaics.) T/O Arctic confirmed to be going to Ornen next.
hxxp://www.npd.no/en/news/Exploration-drilling-results/2015/640612-5-S/

NPD and Lundin have not put out anything about Neiden yet, but it is obviously a duster.

R/Ms for T/O Arctic showing (4 tugs) and Island Innovator (2 tugs showing R/M plus Far Sapphire All Duties).

VNG have an interest at Lorry, which is only 12 km from Blink. Portrush is another 15 km north-east of Lorry. No doubt VNG are still wondering where the oil went. Have they commented yet? They hadn't when I looked.

[ed 123] 10/11/2015 18:32

Two broker updates appeared today.

Liberum downgrades to hold, target price 65p.

Barclays initiates coverage, hold with target price 75p.

Another big volume day today, 6.1 million shares traded.

Christmas wish ........... I'd like to see a 'holding' rns in the name of a new, activist shareholder.

Other than that, it's fingers crossed for a rise in the oil price. The reduction in capex around the world should have more impact next year and the year after. Back to 100p in 2017? Who knows?

[rogerlin] 09/11/2015 08:17

Olympic Hera and Far Sapphire closing in on Lorry and so although the Marinetraffic entry for Island Innovator is not up to date it is likely there too. Transocean Arctic still at Blink.