Faroe Petroleum Share Discussion Threads

[oli12] 15/5/2017 17:52

8 years to go then...let's see...personally I don't buy it but each to their own.

[oli12] 15/5/2017 16:27

DELEK

I expect them to swoop here in H2 2017 now that they have wrapped up the Ithaca deal. The 2 companies fit together well.
People say they "stole" Ithaca ... if that's the case then this is easily worth £1.75p given the cash circa £100m, producing assets and reserves. It's just a matter of time.

Purchase now for less than £1 and then wait for the pay day. DYOR

[ed 123] 15/5/2017 12:29

Ta, Scaff55. :-)

Presentation confirms the importance of Brasse. Checked the coordinates of the proposed appraisal well. The new well will be South South East (160 degrees) 2.42 km from the discovery well. (My previous posting (nr. 35) on this was not accurate - apologies.)

Brasse Extension exploration is only 'possible', not committed.

Aerosmith/Iris is committed.

I'd like to see a bit more on the Oshun and Pabow prospects.

Page 5 says fully funded for the current programme.

Page 17 confirms the 5 year potential that we have discussed.

[scaff55] 15/5/2017 09:10

Faroe Petroleum Corporate Presentation May 2017 investors briefcase.

[ed 123] 12/5/2017 09:29

Putting long pipes into the ground in USA!

[wbodger] 12/5/2017 08:42

"not one single active exploration well" - which must be depressing for NPD. Long days in the Barents and the Norwegian Sea, rig rates should still be attractive ... where is everybody??

[rogerlin] 11/5/2017 08:12

NPD fact pages map shows the new well position, 31/7-2S, a bit over 2 km south and slightly east of the original well.

On the main NPD page there is now not one single active exploration well on the diagram.

[bountyhunter] 10/5/2017 18:09

nice rise towards the end of the day - Brent back above $50 helps

[rogerlin] 10/5/2017 08:14

Not new this but Point seem to have growth ambitions themselves.

[cwa1] 10/5/2017 07:16

Brasse Appraisal Well Consent

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, is pleased to announce that all relevant consents have been received for the drilling of an appraisal well 31/7-2S on the Brasse discovery (Faroe 50%).

Faroe, as operator has entered into a contract with Odfjell Drilling for the use of the semi-submersible drilling rig, Deepsea Bergen, for the drilling operations which are expected to commence before the end of this month with the earliest spud date being on or around 18 May 2017.

The Brasse discovery is located within tie-back distance to existing infrastructure: 13 kilometres to the south of the Brage field platform, in which the Company holds a 14.3% working interest and 13 kilometres to the south east of the Oseberg Field Centre.

The co-venturer in the Brasse licence PL740 Faroe is Point Resources AS (50%).

[bountyhunter] 06/5/2017 11:38

Brent has bounced back a bit - not a dead cat I hope :-(

[ed 123] 04/5/2017 23:32

Hmmm .... Oil price down further after our close.

I can see Faroe drifting even lower short-term. Guessing 80p at some point before we read the outcome of the OPEC meeting. :-O

I'm still holding, fwiw.

[ed 123] 04/5/2017 10:45

Looks like the position of the appraisal well will be about 1.7 km to the east of the discovery well. They should have a good understanding of the geology, so I do expect them to hit part of the reservoir. I suppose the questions are net pay and reservoir quality?

The last presentation gave Brasse Extension as a planned but uncommitted proposition for drilling. Hoping the spud rns will mention Brasse extension as a follow-on well. Compared to the Brasse discovery well the extension block comes much closer to the Brage field. I like to think that suggests a strong likelihood of finding oil/gas. (But I do remember Boomerang!)

The share price is doing what I thought it might .... heading back to 90p. After that? Probably depends on the outcome of the OPEC meeting, which starts (I think) on 25th May.

[rogerlin] 04/5/2017 09:21

The tugs are docked at Alesund. The rig doesn't seem to have left the Haltenbank, maybe still work to do for Statoil though of late the drilling permits seem to have only been posted shortly before spudding.

[rogerlin] 04/5/2017 08:27

Here we go.

[wbodger] 04/5/2017 00:17

That is usually reliable, r. From memory Faroe guided towards June 1 for the Brasse drill, and we do normally see a Wellbore ID in good time.

Statoil finished Alve (6507/3-12) in mid-March. They said Deepsea Bergen "will now proceed to the Åsgard field in the Norwegian Sea to complete production well 6506/12-S-4 BH". That work must have finished.

If the destination for the rig move really is Alve again perhaps they have unfinished business there? What is odd is that ETA 2017-06-08. Probably a mistype. If there is another Alve drill Statoil might have time to do it before Brasse.

[rogerlin] 03/5/2017 08:08

Can't follow the tugs or the Deepsea Bergen, they seem to be out of range of the Marinetraffic free service. Brasse PL740 has a new well number listed, 31/7-2S but I'm not sure that any well permit has been notified?

[bountyhunter] 02/5/2017 20:42

Brent header chart rolled to front month; Brent down a dollar to $50.38 today

[bountyhunter] 29/4/2017 21:29

Reported Destination:ALVE L
Reported ETA:2017-06-08 22:00 LT (UTC -3)

[rogerlin] 28/4/2017 19:20

Statoil getting tugs to move the Deepsea Bergen, last time this happened it just did another job for them but could go to Brasse this time?

[rogerlin] 27/4/2017 08:14

The national bird!

[wbodger] 26/4/2017 14:05

Both the Chairman Rúni M. Hansen (who is Faroese) and Helge Lund were at Statoil. Tjaldur names Energy and Seafood as its interests, 'Seafood' probably from an investment in Hansen's Salmon farming company in the Faroes, but the interesting coincidence is Statoil. It would make sense for Statoil to bid for FPM imo, dyor, although I don't think they would do it by market purchases, so probably just coincidence. No sign of big money backing Tjaldur.

[wbodger] 26/4/2017 12:24

Even if we found something up there, what would we do with it? I just think FPM is well out of the Barents (but you know I think that, rogerlin). Besides, FPM has drilled Samson Dome, Kvalross and Bone all without luck.

Anyone speah Faroese? I see the new 3% TR-1 declaration is for a Faroese Fund, Tjaldur, which names Helge Lund as a Non-exec director. He's Norwegian, I think. Famous for his $25 million a year pay packet at BG Plc, when his first item of business was to put himself out of work by getting a friendly takeover by Shell. Odd to find him surfacing in a little fund based in the Faroes. But Faroese language does not translate on the translator-bots, being neither Danish nor Norwegian, so whose money they invest isn't obvious. Research continuing, [Edit: 'Icelandic' translation available on the translator-bot is better than Danish but the result is still hilarious.]

Tjaldur translates as Oyster-catcher.

[rogerlin] 26/4/2017 08:18

Now that FPM has no more prospects in the Barent's sea the interest seems to be building up! We could do with some drilling activity, there are only two active wells on the Norwegian shelf on the current NPD map.