Faroe Petroleum Share Discussion Threads

[harry rags] 24/4/2017 19:10

Following the purchase of IthicaThe success of our tender offer is a significant step in the realization of Delek Group's strategy, as we increasingly evolve into an international energy company," Delek Group President and CEO Asaf Bartfeld said.Faroe out before the end of the year?

[rogerlin] 24/4/2017 08:25

There is a bit of a change in Faroe going on at the moment. For years they have had modest production but delivered a good number of exploration drills, with some success but the good finds like Butch and Pil were not the elephants originally hoped for. They have kept the show on the road through the recent difficult times but this has been at the expense of dilution, the share price has not made any great progress over the years. Now since the Dong deal they are building up production, with the return of Njord production to look forward to later, and look a larger and more stable outfit, but there are risks in financing these ventures and with fewer drills in prospect, perhaps less excitement.

Having said that Brasse looks a good one and Viking Queen and Esvagt Castor are down as long term fixtures for the appraisal drill, so that one not too far off.

[fardels bear] 23/4/2017 17:16

Thanks for you input, bh... It's never an easy decision for those of us that buy to hold..

[bountyhunter] 23/4/2017 12:47

I was going to mention SQZ when I started reading your post fb as I have an interest there from not too long ago when I felt SQZ was undervalued; SDX may also be worth a look but don't bet the wife on it ;~) if they don't hit oil in Egypt imminently the price there will most likely drop back a bit in the short term (although they have already been successful with the current drill for gas). On the SQZ FPM comparison I could answer but think there are more knowledgeable posters around who could give you a better answer as I'm still getting fully up to speed with FPM. I would start by comparing production profiles, reserves and prospects. For FPM full year average production for 2017 is estimated to be between 12,000-15,000 boepd - see header. nai dyor etc

[bountyhunter] 22/4/2017 09:41

Cheers roger, I'll need to get fully up to speed on FPM when the dust settles with IAE - the significant link of course for (prior) IAE holders being Delek.

[rogerlin] 22/4/2017 09:03

Thanks for the new thread bountyhunter, sometime we expect the Deepsea Bergen to drill a Brasse appraisal which will provide some excitement, but it still seems to be engaged with Statoil for the moment.

[bountyhunter] 21/4/2017 15:07

P/F Tjaldur also have a registered office in Norway - looks to be Scandinavian so probably nothing to do with the Deleks

CONTACT
P/F TJALDUR
Bryggjubakki 22
FO-100 Tórshavn
Faroe Islands

P/F TJALDUR
Haakon VII's gate 6
N-0161 Oslo
Norway

[bountyhunter] 21/4/2017 15:01

Not many Israelis live on the Faroe Isles ;)
(only joking)

[bomber13] 21/4/2017 14:55

Isn't it interesting that almost to the day that Delek secures control of Ithaca , a new 3% shareholder of Faroe crops up ? So the website tells us , P/F Tjaldur is an activist investment company based in the Faroe Islands which likes to interact with and influence companies it invests in . I wonder whether they are " friendly fire " helping to support a local company against a barbarian at the gate or " enemy fire " sensing an excellent arbitrage with an Israeli predator . Either way , it would seem 3% does not give them much influence , as yet ?

[bountyhunter] 21/4/2017 14:23

added some FPM background info at the top of the header

[sandlab] 21/4/2017 13:58

Thanks Steve & bountyhunter

[bountyhunter] 21/4/2017 13:44

sandlab - it may have been a chart however as Robin has not posted on advfn since 2009 I suspect it's link is now outdated/broken and may have been for some time hence the empty box, see you on the new thread...

[steve73] 21/4/2017 13:43

Sandlab - just for you.......(no idea how relevant it still is though)...

edit - just realized this wasn't the box you were referring to.... ooops!

Faroe Petroleum web site

Background

Faroe Petroleum is an independent oil and gas company focused on value creation through exploration and appraisal drilling in the Atlantic Margin (Faroe Islands and UK West of Shetlands), North Sea and Norway.

The Company is actively building a balanced portfolio of operated and non-operated exploration and appraisal properties, with significant stakes and an active programme. Faroe Petroleum has through successive licence applications and acquisitions built a substantial portfolio of exploration and appraisal assets in both the Atlantic Margin and the UK North Sea. The 22 licence portfolio provides considerable spread of risk and reward, encompasses six licences West of Shetlands, five licences offshore the Faroe Islands, and four licences in the Moray Firth area of the UK Central North Sea and seven licences in the Southern gas basin. The Company operates four of its Atlantic Margin licences and three of its North Sea licences. Faroe Petroleum is in partnership with BP, Chevron, DONG, Eni, OMV, Shell, Statoil, E.ON Ruhrgas, GDF, RWE and DSM, all of which have an outstanding track record in oil and gas exploration and development

Management Team

Joe Darby
Non-executive Chairman
Joe is British and has a degree in Petroleum Engineering from Imperial College and is an Associate of the Royal School of Mines. Formerly CEO with Lasmo Exploration – UK’s 2nd largest independent oil and gas company (acquired by Eni in 2001). Joe has a wealth of experience in the oil business, strategic and financial fields, gained during a career spanning over 30 years in the oil industry.

Graham Stewart
Chief Executive
Graham is British and has 18 years of experience in oil and gas technical and commercial affairs. Graham was appointed as non-executive Chairman of FK in November 1999 and as Chief Executive of FP in 2002. He has a degree in Offshore Engineering from Heriot-Watt University and an MBA from Edinburgh University. Graham was formerly finance director and commercial director of Dana Petroleum plc where he was responsible for several important commercial transactions as well as playing a key role in raising finance for Dana’s international exploration and acquisition programme.

Nils Sørensen
Executive Director
Nils is Faroese and has a degree in economics from Copenhagen Business School and an MBA from Lancaster University. He has been managing director of Faroe Petroleum subsidiary Føroya Kolvetni (FK) since 1998. He has held various positions, including those of vice president and president of Faroe Seafood P/F (the largest exporter of fish products from the Faroe Islands). He is a member of the Faroese Competition Council and, on behalf of the government, the ‘Finance Foundation of 1992’ which holds the majority of the shares in the largest commercial bank of the Faroes (Føroya Banki).

Meinhard Jacobsen
Non-executive Director
Meinhard is Faroese and has a Master of Science degree in process engineering, as well as over 15 years experience in the Faroese and international business environment. Since 1998 he has been chief executive of United Seafood P/F, a large Faroese fish processing company which employs some 800 people. Between 1993 and 1996 he held senior positions in various Faroese and Norwegian companies.

Patrick Whitley
Head of Exploration
Patrick is British and has a degree in Geology from Glasgow University. Formerly leader of ConocoPhillips Atlantic Margin exploration programme, Pat leads FP’s exploration programme, bringing extensive experience in exploration and asset management gained in UKCS, Ireland, Faroes and Norway, as well as Mid/Far East and South America.

History

Faroe Petroleum’s wholly owned subsidiary, Føroya Kolvetni (“FK”), was formed in 1997 and registered in the Faroe Islands in January 1998. FK has maintained a strong Faroese identity with locally staffed operational offices in the Faroe Islands.

In May 2000, prior to the First Faroese Licencing Round, FK raised approximately £2,200,000 through a private placement of shares. This enabled FK to meet its share of the significant costs of acquiring the necessary seismic data to participate in the First Faroese Licencing Round.

In the First Faroese Licencing Round, FK joined Eni in its application for licences, in competition with many major international oil companies. In August 2000, Eni and FK were jointly awarded Licence 002 and Licence 005.

Faroe Petroleum was established in December 2002 as the holding company for FK. On 19 December 2002, Faroe Petroleum made an offer to acquire FK and has subsequently acquired 100% of FK, in exchange for shares in Faroe Petroleum. As a result, FK became a wholly owned subsidiary of Faroe Petroleum on 23 December 2002 and continues to undertake the Group’s Faroese operating activities.

In December 2002, the Company raised £7 million through a private placement of shares with both Dana and the 3i Group plc. The capital was raised to fund drilling and work programme related costs, and to provide general working capital.

In June 2003, Faroe Petroleum plc was admitted to the Alternative Investment Market (AIM) of the London Stock Exchange. At the same time the Company raised £15m (before costs) through an institutional placing of new shares.

Formation of Strategic Joint Venture for UK North Sea

Faroe Petroleum, the independent oil and gas company focusing on creating shareholder value through its portfolio of exploration, appraisal and undeveloped field opportunities in the Atlantic Margin, North Sea and Norway is pleased to announce that it has formed an exclusive strategic joint venture with a UK subsidiary of Liberty Energy Holdings, LLC ('LEH'), which is a subsidiary of Liberty Mutual Group ('LMG'), to consider and, potentially, acquire and exploit proven undeveloped discoveries in the UK North Sea. LEH has an established track record of investment in upstream oil and gas assets in North America, and through this joint venture intends to expand its operations to the UK North Sea.

Boston-based LMG is a leading global insurer and as of 31 December 2005, had $79 billion in consolidated assets, $70 billion in consolidated liabilities and $21 billion in annual consolidated revenue.

The joint venture will have access to considerable funds to invest in this important activity. Faroe Petroleum will play a lead role in bringing suitable opportunities to the joint venture. LEH will initially invest the majority of the joint venture's capital requirements in acquiring any such opportunities. The investment model allows for Faroe to participate with no less than 20% participation in any selected investment opportunities, and with an entitlement to increase its participation to 50% through a pre-agreed option arrangement with LEH.

This innovative new joint venture potentially gives Faroe a significant advantage, in its pursuit of the following key objectives:

• To pursue more, larger appraisal/development opportunities than might be possible alone, due to the strong financing arrangements in place with LEH, which should significantly mitigate perceived completion risk for asset vendors;

• To have the ability to secure a material stake in licences without an immediate need to raise capital; and

• To diversify the risk profile of our now substantial exploration and appraisal portfolio, and to add shareholder value in the near term.

Graham Stewart, chief executive of Faroe Petroleum said:

'In the face of increasing competition for attractive lower risk projects, this joint venture represents a very exciting opportunity for Faroe to accelerate value creation in the North Sea. We have designed this new business model to give us an edge in acquiring substantial interests in appraisal and development properties in the UK North Sea, and are delighted to have attracted such a strong and reputable corporation as major co-venturer. We are already considering a number of opportunities together, and look forward to reporting progress in the near term.'



Faroes Licences

Faroe Petroleum has five exploration licences in the Faroes. Licences 002 and 005 were awarded through the 1st Faroese Licensing Round in 2000 in a joint venture with ENI Denmark B.V. (“ENI”) while licences 009 and 012 were won through the 2nd Faroese Licensing Round in 2005. The two licences awarded under the 1st Licensing Round, are located in the south easterly corner of the Faroese territorial waters, bordering the UK close to the major producing oil fields Foinaven and Schiehallion. Licence 009, awarded in the 2nd Licensing Round, is situated closer to the Faroe Islands and covers some 2,000 square kilometres. The second licence awarded to the Company under the 2nd Licensing Round is the 100%, operated licence 012 situated on the Wyville-Thomson Ridge, south west of the Company’s other Faroese licences. The Wyville-Thomson Ridge contains the largest un-drilled anticline in North West Europe. An interest in Licence 006 was acquired by Faroe Petroleum in December 2005 ahead of the Brugdan well, the region’s first sub basalt well, which was drilled in Q3 2006.

The 1st Faroese Licensing Round in 2000 saw seven licences awarded to companies including BP, Shell, ENI/Faroe Petroleum, ConocoPhillips, Statoil, Amerada Hess and British Gas; between them (and their joint venture partners) committing eight exploration wells to be drilled within a six year period. Four of these wells have been drilled with the remaining four wells converted to two deep sub-basalt wells, one of which is the Brugdan well, to be drilled in 2006 and 2007.

The 2nd Faroese Licensing Round saw six licences awarded to seven companies including Statoil, Shell, OMV, DONG and Faroe Petroleum. All six licences awarded in the 2nd Round have a drill-or-drop commitment at the end of the initial licence period.

Licence 002 – Faroe Petroleum 100%
This licence covers 214 square kilometres and contains a promising un-drilled structural lead, in around 1,000 metres of water. The first exploration well on Licence 002 was drilled on a stratigraphic prospect in the summer of 2003 and encountered traces of hydrocarbons but was commercially unsuccessful. Several additional prospects have been identified on 002, and it is expected that further wells will be drilled on Licence 002 in due course. Nearby to Licence 002 there have been a number of discovery wells drilled on the UK side of the territorial boundary, and several deep water exploration wells are scheduled to be drilled on surrounding acreage in both the Faroes and the neighbouring West of Shetlands area. In June 2005, Faroe Petroleum increased its stake in this licence from 25% to 100% and assumed operatorship.

Licence 005 – Faroe Petroleum 25%
This licence which covers 485 square kilometres is located some 20 kilometres west of the Amerada Hess-operated Cambo/Lindisfarne discovery well which was drilled in 2004 but the results of which remain unreported by the joint venture. This well in turn lies some 45 kilometres south west of the Chevron-operated Rosebank/Lochnagar discovery reported in 2004 as a significant discovery and where it is understood that a number of appraisal wells are scheduled to be drilled during 2006.

Anne Marie will be targeted as one of several structural prospects on Licence 005 which is located in a prominent structural trend offsetting the highly prospective Corona Ridge, which also contains both the Rosebank/Lochnagar and the Cambo/Lindisfarne discoveries. Considerable drilling activity is now scheduled to take place on surrounding acreage in both the Faroes and the neighbouring west of Shetlands area during 2006 and 2007.

In May 2006 the joint venture committed to drill a well within this licence 005 and the well planning operations have commenced.

Licence 006 – Faroe Petroleum 4%
In December 2005, Faroe Petroleum acquired a 4.04% interest in the Statoil operated Licence 006, on favourable terms. In July 2006 the Brugdan well was spudded on this licence, and drilled to a depth of 4,201 metres below sea level (approximately 13,780 feet). The well did not encounter substantial volumes of hydrocarbons, but did show traces of gas and has since been plugged and abandoned.

The well which was the first to have been drilled through the basalt on the Faroes shelf, with good penetration rates. One of the principal motives for Faroe Petroleum’s involvement in this well was to further its understanding and experience of drilling through basalt and to gain important knowledge of the geology of the region.

Licence 009 – Faroe Petroleum 10%
This licence which covers some 2,050 square kilometres, contains a very large lead in 250 metres of water and is situated in an exciting new exploration province previously undrilled on the western edge of the Faroe platform. The co-venturers are Statoil Færøyene AS (50% and Operator), Shell U.K. Limited, DONG Føroyar P/F (20%) and Føroya Kolvetni P/F (“FP”) (10%). The work programme consists of seismic acquisition to identify a drilling location in advance of a drill or drop decision.

Licence 012 – Faroe Petroleum 100%
This prospective licence, known as Rannva, covers some 850 square kilometres and has been awarded 100% to the Company as Operator, is located in 500m water depth some 170 kilometres west of the BP operated Schiehallion Oilfield. The licence contains a giant lead along the axis of the Wyville-Thomson Ridge - the largest un-drilled anticline in NW Europe. The work programme consists of high technology seismic acquisition to define a well location in advance of a drill or drop decision.


United Kingdom – West of Shetlands Licences

Faroe Petroleum has fifteen exploration licences in the United Kingdom, of which six are located in the Atlantic margin region West of Shetlands (“WOS”). All six licences were awarded through the 22nd UK Licensing round in 2004. Of the six licences two are held 100% and operated by Faroe Petroleum and the remaining four are held by Faroe Petroleum in joint ventures with Chevron, Shell, BP and OMV.

Despite holding several of the biggest oil and gas fields on the UKCS, the WOS region is still under-explored. However 2004 proved to be a very successful year for exploration and appraisal West of Shetlands. Earlier in 2004 the successful West of Shetland Laggan appraisal well has significantly improved the likelihood of the Laggan gas discovery being declared a viable development project, and in August 2004 Chevron made a significant oil and gas discovery with the Rosebank/Lochnagar well (213/27-1Z) located in the Faroe-Shetland Channel on the Corona Ridge near the UK/Faroes border.

Lagavulin (Blocks 217/10, 217/14, 217/15) – Faroe Petroleum 20%
This Licence which covers 570 square kilometres, contains a very large lead and is situated in an exciting new exploration province previously unexplored in the northern part of WOS. The co-venturers are Chevron North Sea Limited (“Chevron̶1;) (60% and Operator), OMV (UK) Limited (“OMV”) (20%) and Faroe Petroleum (20%). The work programme consists of high technology seismic acquisition to identify a drilling location in advance of a drill or drop decision.

Talisker (Blocks 217/2, 217/3, 217/4, 217/5, 218/1, 221/27, 221/28, 221/29, 221/30, 222/26) – Faroe Petroleum 25%
This licence covers 1,660 square kilometres and contains a substantial lead situated in an exciting new exploration province in the under-explored northern part of the WOS. The co-venturers are Chevron (75% and Operator) and Faroe Petroleum (25%). The work programme consists of high technology seismic acquisition in the first two years to identify a drilling location and to screen the entire area for prospectivity in advance of a drill or drop decision. The second four year term would be used to plan and drill the well.

Cardhu (Blocks 213/20, 214/16, 213/25C) – Faroe Petroleum 10%
This licence which covers 286 square kilometres is situated on the prospective Corona Ridge where the high potential Cardhu lead has been identified. The co-venturers are Chevron (30%), B.P. Exploration Operating Company Limited (30%), Shell U.K. Limited (“Shell”) (30% and Operator) and Faroe Petroleum (10%). The work programme consists of seismic integration, reprocessing and interpretation to identify a drilling location, in advance of a drill or drop decision.

Tornado (204/13) – Faroe Petroleum 20%
This licence covers 140 square kilometres and contains attractive exploration leads adjacent to the undeveloped Suilven discovery (204/14) which is also near to the Schiehallion oilfield infrastructure. The co-venturers in this traditional licence are OMV (50% and Operator), Dana petroleum (E&P) Limited (30%) and Faroe Petroleum (20%). The work programme consists of high technology seismic acquisition to identify a drilling location in advance of a drill or drop decision.

Freya (206/5, 206/10) – Faroe Petroleum 100%
This licence covers some 400 square kilometres and has been awarded 100% to the Company as Operator, and is located in 140m water depth some 10 kilometres north east of the very large BP operated Clair Oilfield (first production scheduled for early 2005). This licence includes the 206/10-1 oil discovery (“Freya”), drilled in 1984, which encountered 460 feet of oil bearing Clair Group reservoir with significant volumes of oil in place. Advances in drilling technology since 1984 – specifically horizontal wells and completions - make this a very exciting asset, with the opportunity to apply what has been learnt from the Clair Field in commercialising the Freya discovery. The work programme consists of high technology seismic acquisition to define an appraisal well location in advance of a drill or drop decision.

Seonaid (205/19, 205/20) – Faroe Petroleum 100%
This licence covers some 400 square kilometres and has been awarded 100% to the Company as Operator. The Licence is located 15 kilometres to the South West of the Clair Field in 140m of water depth on a relatively unexplored part of the Rona Ridge, up-dip and adjacent to the 205/20-1 well which encountered oil shows in Mesozoic sediments. This area has not been explored since 1974. The licence contains a number of exciting leads in shallow water and neighbours existing Clair infrastructure. The work programme consists of seismic reprocessing to screen the area for drillable prospects in advance of a drill or drop decision.

United Kingdom – Central North Sea Licence

Faroe Petroleum acquired its first North Sea licence in February 2005 through the Halibut North acquisition from Shell and Esso. The company has since added three further Central North Sea properties through success in the 23rd Round.

Halibut North (14/21a, 22a) – Faroe Petroleum 45%
Acquired from Shell and Esso Exploration and Production UK Limited (“Esso”), in February 2005, the blocks extend over 217 square kilometres and are located in 140 metres of water on the Halibut Horst, equidistant from the Claymore and Blake oil field. The Licence area contains several attractive large structures with significant potential and in January 2006 Oilexco North Sea Limited agreed to farm into this licence and drill the licences first wildcat exploration well, during 2006. Under the agreement Oilexco operated the well, incurring 80% of the costs associated with the work programme, in return for the right to an equity interest of 55% on satisfying the well obligation. The well was drilled in May and while encountering traces of hydrocarbons was declared un-commercial. The significant new data will be used to determine viability of further prospects on the licence.

Halibut East (Block 14/23) – Faroe Petroleum 100% and Operator
Halibut East (Block 14/23) – Faroe Petroleum 100% and Operator This Promote Licence has been awarded as a part block covering approximately 100 square kilometres and is east of the Company’s existing North Halibut Blocks 14/21a and 14/22a in the UK Central North Sea, which were acquired in February 2005 from Shell and Esso. This block is located in 140 metres of water on the Halibut Horst, equidistant from the Claymore and Blake oil fields.

Faroe Petroleum has been awarded a 100% interest in part Block 14/23 and is operator, and the work programme consists of the acquisition of 3D seismic data, reprocessing and geological modelling to identify a drilling location, in advance of a drill or drop decision.

Olivia (Blocks 18/3,4) – Faroe Petroleum 100% and Operator
This Promote Licence covers 400 square kilometres in 200 feet of water and contains a substantial lead situated in an exciting new exploration province in the under-explored south part of the Inner Moray Firth.

The work programme consists of high technology seismic acquisition, and geological studies in the first two years to identify a drilling location and to screen the entire area for prospectivity in advance of a drill or drop decision.

Halibut West (Block 13/25) – Faroe Petroleum 50% and Operator
Halibut West (Block 13/25) – Faroe Petroleum 50% and Operator This Promote Licence covers 140 square kilometres and is situated to the west of the Company’s existing North Halibut Blocks 14/21a and 14/22a in the UK Central North Sea, which were acquired in February 2005 from Shell and Esso. 13/25 is located in 140 metres of water on the Halibut Horst, equidistant from the Claymore and Blake oil fields.

Faroe Petroleum has been awarded a 50% interest in Block 13/25 together with Granby Enterprises Ltd which had applied separately for this block in the 23rd Round. Granby also holds significant acreage in the area and Faroe Petroleum welcomes the opportunity to work with them. Faroe petroleum is the nominated operator and the work programme consists of acquisition of high technology 3D and 2D seismic, reprocessing and geological modeling to identify a drilling location, in advance of a drill or drop decision.

Southern North Sea Licences (U.K. and the Netherlands)

Through acquisitions in 2006, Faroe Petroleum has now established interests in the Southern North Sea gas basin both in the UK and the Netherlands. The properties acquired represent both appraisal and undeveloped gas discoveries.

Breagh (Blocks 42/13 and 42/12) - Faroe Petroleum 10%
In July 2006 Faroe Petroleum announced the acquisition from Sterling Resources (UK) Limited of a 10.0% equity stake in Blocks 42/13 and 42/12 (operated by Sterling), which contain the Breagh gas discovery as well as un-drilled leads with good upside potential. The discovery offers low risk scope to open an exciting new core area for Faroe Petroleum in the Southern North Sea. An appraisal well is planned to be drilled adjacent to the discovery well 43/13-2, in order to establish commercial reserves which if successful would lead to early development.

Orca Minke ( UK Blocks 44/24a,29b and 30 & Dutch Blocks D15 & D18a)
In August 2006 Faroe Petroleum announced the acquisition from ConocoPhillips of its equity stake in a package of three undeveloped gas field discoveries: Minke Main field, which is scheduled for near term development, together with the nearby Minke Graben and Orca gas fields upon which development decisions are anticipated in 2007. The assets are situated in UK Blocks 44/24a,29b and 30 (Faroe’s interest 5.89%), approximately 25 kilometres east of the producing Caister-Murdoch gas fields and 13 kilometres south west of the D15 platform in the Dutch sector. In addition, there is the potential for the undeveloped fields to extend over the UK border into Dutch waters with the possibility of additional reserves within Dutch Block D15b (Faroe 5%). Exploration potential also exists within Dutch Block D18a (Faroe 2.5%).

Field partners in the UK are the European utility companies E.ON Ruhrgas (42.67%), RWE Dea (35.84%), Gaz de France (15.6% and Operator in the UK and Holland) together with Wintershall on the Dutch side. The development plan for the first of these fields, Minke Main, is for a single sub-sea well, tied–back to the existing D15 platform facilities offshore Holland, operated by Gaz de France, with first gas expected in the first half of 2007. Assuming the field development plan is approved by the relevant authorities, net reserves attributable to Faroe Petroleum in respect of Minke Main are estimated to be 2.45 billion cubic feet of gas. Gross development costs for Minke Main are estimated at £45 million with a net cost to Faroe of £2.65 million over two years. The nearby Minke Graben and Orca gas fields offer considerable additional reserve potential and value to Faroe Petroleum as and when decisions are taken to proceed to development.

Asset Summary

Country Licence FP Equity
Faroe Islands 002 (Orodruin) 100%
Faroe Islands 005 (Anne Marie) 25%
Faroe Islands 006 (Brugdan) 4%
Faroe Islands 009 (Sildrekin) 10%
Faroe Islands 012 (Rannvá) 100%
United Kingdom P1160 (Seonaid) 100%
United Kingdom P1161 (Freya) 100%
United Kingdom P1165 (Talisker) 25%
United Kingdom P1190 (Tornado) 20%
United Kingdom P1193 (Cardhu) 10%
United Kingdom P1197 (Lagavulin) 20%
United Kingdom P984 (Halibut North) 90%
United Kingdom P1294 (Halibut East) 100%
United Kingdom P1404 (Halibut West) 50%
United Kingdom P1353 (Olivia) 100%
United Kingdom P1328 (42/12) 10%
United Kingdom P1230 (42/13) 10%
Southern Gas Basin P454 (44/29b – Orka Minke) 5.89%
Southern Gas Basin P611 (44/24a – Orka Minke) 5.89%
Southern Gas Basin P773 (44/30 – Orka Minke) 5.89%
Netherlands D15b 5%
Netherlands D18a 2.5%

[bountyhunter] 21/4/2017 13:28

thanks tgg :)
Ed - if Faroe dips to 80p Delek will probably try it on with a 90p bid! ;-)

[thegreatgeraldo] 21/4/2017 13:10

Nice new thread!

[sandlab] 21/4/2017 13:05

Before everybody goes, can somebody tell me what, if anything, is in that big box below "Posts" and above "Charts" at the top of the page. For me it is a big empty box. Always has been - on every machine I have used. I am talking years now. I used to have a similar problem with other company threads but this is the only one where an empty box still persists.

What have I been missing there? Glad to see nothing similar in the new thread.

[ed 123] 21/4/2017 13:00

Fwiw, I don't see $70 oil coming. Based on current supply and demand and in the absence (so far) of any extension of OPEC's cuts, oil may trade in the range of $45 - $55 /bbl for the foreseeable.

That would be workable for Faroe, though (as they've said) they need to get some more of their oil ouput hedged (for safety).

To an extent Faroe was seen as a fallback target, if Delek failed to secure Ithaca. Now they have Ithaca (I'm expecting further acceptances during the extension.), some of the bid interest in Faroe may begin to wane.

If Delek do intend to bid for Faroe at some point, they can afford to wait a couple of years (moving before Brasse and Pil/Njord A come on line).

Fwiw, I would expect Delek to make a move but think they'll wait for a period of weakness in Faroe's share price.

Delek to wait for Faroe at 80p, then bid 120p ????

[buy curious] 21/4/2017 12:36

Only until Brent hits 70GBP and then the vultures will begin to circle....

[bountyhunter] 21/4/2017 12:07

Hi BC, that would be good, just like old times ;-)
...but how long will FPM survive post Ithaca?

[buy curious] 21/4/2017 11:47

Nice one Bounty.
I guess there will be a few Ithacarettes heading over here now.

:-)

[bountyhunter] 21/4/2017 11:32

Delek have still got their hands full with IAE; I'm also hoping we will get that 20% rise here before this is at risk of a measly offer similar to that made for IAE. Of course the FPM BoD here may not be such a pushover as the IAE BoD!

[harry rags] 21/4/2017 11:22

If Delek are expected to offer to buy out Faroe you would think that people would be climbing on board to get the premium instead the price is slowly slipping backwards.For me personally I think that second half of 2017 will see a 20% increase in the share price without a Delek bid. DYOR IMHO etc

[dukedosh] 21/4/2017 11:01

My IAE money reinvested here. IMO when production develops < 25k boepd then maybe a suitor will come a knocking.

[bigdazzler] 21/4/2017 10:51

A good quality stock of which I hold a decent amount.