Faroe Petroleum Share Discussion Threads

[fardels bear] 24/5/2017 17:12

You can be too conservative though... Look at AEY. Dithered about for years and ended up doing nothing in particular.. SQZ nice and conservative too; home to most of the cash I didn't lose on the ditherers AEY.

Still not sure about FPM.

[churchill2] 24/5/2017 10:17

Hi topvest

I have decided to join you. Unfortunately investing in Faroe has proved a disappointing investment. I saw Faroe as a replacement to Dana but where as Tom Cross and the Dana shareholders prospered together it is the complete opposite with Stewart.
I went to a couple of Faroe AGM's where it was obvious Stewart had no interest in the shareholders whatsoever.

It may appear I have an axe to grind but not so just I made a mistake. I sold the bulk of my holding at the same level some years ago. The attraction of Faroe is it projects this wonderful future which is always over the horizon. This future is financed by shareholders but you can guess who are the winners.

[bountyhunter] 24/5/2017 08:54

Marinetraffic link now in header - towards the end.

[bountyhunter] 24/5/2017 08:47

Yes on location, I'll add the marinetraffic link to the header. There's a supply vessel alongside right now.

[rogerlin] 24/5/2017 08:15

Good luck with whatever you choose instead topvest, I thought I was quite a long term holder but can't match that. There has also been the hope of an elephant in the drilling programme, but never quite come to pass. The Deepsea Bergen is now on location, this one not likely to be an elephant but could be a useful add-on.

[topvest] 23/5/2017 18:34

I'm out after 13 years. One of the best oil companies. Unfortunately oil is dying as the internal combustion engine gets replaced over the coming decade. Only doubled my money which is a fairly poor return over that timeframe given the lack of any dividend.

[rogerlin] 23/5/2017 07:01

This morning the rig shown with Havila Mercury towing, Normand Drott is at Brasse with "restricted mobility", perhaps it is pre-laying anchors?

[rogerlin] 22/5/2017 21:08

Rig now up to date on Marine Traffic, at 62 deg north and heading south, no nearby tugs shown so perhaps it can propel itself, says destination Alve but it isn't going in the right direction for that, likely to Brasse given the support vessels.

[rogerlin] 22/5/2017 08:27

Ships confusing this morning, Deepsea Bergen seems to be moving but Marine Traffic entry out of date. There are some new names, supply vessel Normand Drott seems to be near Brasse and Esvagt Contender perhaps the standby?

[bountyhunter] 21/5/2017 12:53

I see that the destination of the Viking Avant has now changed to 'FLORO' so it probably has left now. They may have been late in updating that info of course. Anyway with all this activity hopefully a spudding RNS is imminent :-)

[rogerlin] 20/5/2017 19:57

As I see it now the Viking Avant has now left the Deepsea Bergen and the tugs Havila Mercury and Skandi Hera and possibly also the KL Saltfjord are there, no need for a standby vessel any more. Of late the free Marine traffic service seems to have limited range and when a vessel goes out of range the position just goes out of date, this is a nuisance for those of us who like to follow the movements. We may be able to follow to Brasse as that is not so far from land? I think the Esvagt Castor and Viking Queen are the support/standby vessels for 31/7-2S.

[bountyhunter] 20/5/2017 11:19

The Viking Avant(Safety Vessel) is currently on it's way to the Deepsea Bergen so no spudding until that vessel arrives?

edit - apologies I'm a bit behind here I see the ETA is 2017-05-17 04:00 - presumably it's been delayed though as seems to be still underway - travelling at 11.4kn 22 mins ago.

[bountyhunter] 20/5/2017 11:14

Now that I've finally got my IAE cash from Delek (no thanks due) I intend to pay more attention here!
It does seem likely that we could get news on Brasse next week based on the recent RNS statement 'with the earliest spud date being on or around 18 May 2017.'
(I've added that RNS at the end of the header for now to save keep looking it up.)

[ed 123] 20/5/2017 09:33

For curiosity I'd like to see the Extension drilled but, for Faroe plc, I'd like them keep to appraising Brasse for now and get those Brasse barrels flowing asap. Pil will come on line later than Brasse. A year (or more?) of Brasse cashflow would be a big help in funding the development of Pil. Testing the Extension would (likely) not benefit the funding of Pil. Also, the Extension appears to significantly extend into the Brage block, so unitisation would complicate things.

(Delek, Wintershall, Statoil or Hi-Tech Vision? Which will it be and when? .................... I have a dream. O-;) )

[rogerlin] 20/5/2017 09:03

And now closing in on the Deepsea Bergen, which is at 65 deg north, 31/7-2S is at 60 deg north, could be spudding next week?

[rogerlin] 19/5/2017 08:19

Page 24 of annual report, wording suggests late 17-18 for Brasse extension. So I think the possible second well mentioned would be in PL740.

Tugs have left Bergen, heading north.

[wbodger] 18/5/2017 20:01

I didn't notice that Centrica's FDP for Oda has been approved by NPD and reported a week ago.

hxxp://www.offshoreenergytoday.com/norway-green-lights-centricas-oda-development-plan/

(Apologies if it has been posted.)

[wbodger] 18/5/2017 19:30

(A two-step sidestep? Shall we dance, or shall we drill?)

Offshore Energy's article:
hxxp://www.offshoreenergytoday.com/faroe-to-drill-two-north-sea-appraisal-wells/

They name the second of the two wells 31/7-3, which does not appear yet on the NPD list. So we don't know if it will be in PL740, the main Brasse licence or in the extension, PL740B

No mention of FPM's remark about the second well not having been finally approved by the partnership. (Ie not yet approved with Point Resources, the only partner.)

I think it might be in the extension, because from the illustration on page 9 of the Presentation the target of a drill into PL740B would probably be right next to the Brage licence, which involves more than just FPM and Point.

[thegreatgeraldo] 18/5/2017 16:43

Not sure about sidestep wells mr go-ogle....

[scaff55] 18/5/2017 16:33

Faroe Petroleum has been Petroleum Authority's consent to the drilling of two appraisal wells on Brasse-found in the North Sea.
In both the wells can also be drilled the SideTrack.
The drilling will begin no earlier than 1. June and last for 72 days per well, sidestep included.
It is to the Deepsea Bergen drill the wells.
Currently estimated total volumes of recoverable resources in Brasse is between 43 and 80 million barrels of oil equivalent, of which 28-54 million barrels of oil, and the rest are gas.
Faroe Petroleum clarifies to the other Petro.no of the two mentioned Brasse-wells, after consent from the PSA, is not finally approved by the partnership

[rogerlin] 17/5/2017 08:03

Tugs named, KL Saltfjord, Havila Mercury, Skandi Hera but they have not yet gone out.

[dahhad] 16/5/2017 16:31

£1 is proving very difficult to break through! Frustratingly so!

[rogerlin] 16/5/2017 08:44

Statoil Petroleum AS
R/M Deepsea Bergen (2-3 x AHTS), D/D 14
18/05/17