Faroe Petroleum Share Discussion Threads

[scaff55] 09/6/2017 16:45

Annual Report 2016 presentation on there web site.

[ed 123] 09/6/2017 12:27

Ta, Scaff55. :-)

[scaff55] 09/6/2017 12:00

Sorry forgot to mention its Deepsea Bergen that will drill Carmen for Statoil.

[scaff55] 09/6/2017 09:58

Statoil has been given Priority consent to drilling of prospect Carmen in block 6507/8 on the halten Bank.
Borelokasjonenen is located 222 kilometres west of Brønnøysund in Nordland county and 10 kilometres north-east of Heidrun.
It should first be drilled a pilot well to 800 meters deep for inspect because gas in the area. The drilling is intended to last for 18 days, and will start in the middle of June.

Prospekt
Operatør
Brønn
Lisens
Rigg
Est.start
Resultat
2
Tonjer
Statoil
16/2-22S
265
Deepsea Atlantic
Q1 2017
Avgrenset
3
Edvard Grieg app.
Lundin
16/1-27
338
Island Innovator
Q1 2017

4
Brasse app. 1
Faroe
31/7-2
740
Deepsea Bergen
Q2 2017

5
Brasse app. 2
Faroe
31/7-3
740
Deepsea Bergen
Q3 2017

6
Volund West
Aker BP

150B
Transocean Arctic
Q2 2017

7
Hyrokkin
Aker BP

677
Maersk Interceptor
Q3 2017

8
North of Alvheim 1
Aker BP

442
Har opsjoner på Transocean Arctic
Q3 2017

9
North of Alvheim 2
Aker BP

442
Har opsjoner på Transocean Arctic
Q4 2017

10
Valemon Vest
Statoil
34/11-6 S
193D
West Elara
Q1 2017
Funn
11
Central
Statoil

048G

Q3 2017

12

[bountyhunter] 08/6/2017 13:41

you'll be lucky Ed, if it did drop to 60p and Delek put in a bid it would probably only be for 66p if the premium was the same as for IAE!

[fardels bear] 08/6/2017 11:52

OK, I'll buy at 60p then.

[ed 123] 08/6/2017 11:48

The point is that if it gets cheap enough a bidder appears. I'm looking forward to a 90p takeover offer when it's fallen to 60p. ;-O

Yes, what's the point? ..............

[fardels bear] 08/6/2017 11:31

You bought all your SQZ back, did you?

I've been looking at this for some time as it's a safe one. But it doesn't grow and it doesn't pay a dividend, so I ask myself, what's the point?

[rogerlin] 08/6/2017 08:08

The Viking Queen describing a most bizarre track around the Deepsea Bergen. There is already a standby vessel the Esvagt Contender on station, and so what is the VQ doing. I was trying to make out the picture of an elephant, but a bit soon for that perhaps.

[bountyhunter] 01/6/2017 20:46

Brent chart rolled

[rogerlin] 01/6/2017 18:49

Uncommon volume today.

[bountyhunter] 31/5/2017 12:50

down $1.48 to $50.22 now, many oil stocks are down today as a consequence

[fardels bear] 31/5/2017 12:23

Brent down 50c?

[ed 123] 31/5/2017 12:12

Well, it looks better value now. But why has it dropped 5% this morning on no news?

Going down a bit more as I type. Surely not another placing?

[cwa1] 31/5/2017 11:54

Back to looking decent value again? Or is that just my rose tinted lenses that are interfering with reality?

[wbodger] 27/5/2017 10:17

(Yes, FPM acquired its interest well into tail end, which has delivered quite well. Odd looking production histogram since 2006.)

Reading the Brasse entry, they are currently drilling 31/7-2 southeast of the discovery well with a view to going further out for 31/7-3 later this year if results warrant it. As it stands Brasse is a welcome but not transforming addition to Brage, containing around 60 mmboe discovered at present, which is only 6% of OOIP of Brage (figures included are my own, dyor, to roughly gauge significance of this drill. "... has the potential to derisk further reserves upsides beyond the existing uncertainity range" is pretty vague).

I therefore don't expect a jump in share price if it is successful, although it would be important for FPM/Point.

[hashertu] 27/5/2017 10:03

Thanks both. I didn't realise it was that old.
40% recovery is impressive.

[rogerlin] 27/5/2017 08:39

The entry on FPMs website actually quite informative, doesn't say about remaining reserves though.

[wbodger] 27/5/2017 08:10

Brage has already delivered most of the oil that was originally projected. According to NPD Brage was presumed to have recoverable oil equivalents of 69.06 SM³, or about 435 mmboe. Aggregate produced so far is 65.9 SM³. Oil and liquids equivalents originally in place totalled 170 SM³ (that's your billion barrels), so that's around 40% recovery factor so far.

Amounts remaining are guesses upon guesses but NPD estimates 5.0 SM³. I assume they are recorded as 2P, because (aiui) 2C means contingent on economic viability, and obviously the recovery system is operating. Brage will become uneconomical at some point but 5 SM³ is 31 mmboe, no small amount. Wintershall has infill drilling planned for this summer.

[hashertu] 25/5/2017 11:24

Ed/Wbodger. Interesting.

I am trying to reconcile Brage OIP of 1 billion barrels, but only 5 million (net) 2P reserves. Suggests a very low recovery factor, or that 2P reserves have a limited areal drainage area around existing wells assumed in the calculation. Is the residue in the 2C/3C category. Thoughts?

Electric cars. I too think the demise of hydrocarbon based transport will not happen anytime soon. Battery technology and all the elements of its manufacture, centralised power generation and electricity distribution all need very significant improvement before electric cars make serious headway. Witness the very slow take up of combined heat/power units (based on gas) in the domestic market, yet the benefits are huge.

[ed 123] 25/5/2017 09:58

Yes, Wbodger, a number of possibilites. I may ask about this at the agm.

Looking at it again, the northern part of the Brasse structure lies in the Brage partners' block, so most likely Faroe has to share the value of Brasse production.

Regarding the appraisal, the "seismic anomoly" may be a hoped for deeper reservoir - to explain the potential reserves upside - the exploration element I referred to above. Also, they may think they see this feature in Brasse Extension too - hence waiting on the result of this appraisal before deciding whether or not to drill Brasse Extension.

[wbodger] 25/5/2017 09:35

That would be an interesting concept. (Don't think I'd fancy the brief.)

I just think the geology for Brasse extension seems to show a point of interest at the eastern limit of PL055 which might be made more valuable if FPM and Point were to explore the Brasse extension PL740B. I wonder if those two are trying to get agreement to unitise PL740B so that the larger JV would contribute to that exploration cost. The existing Brage Unitisation seems to just apply to PL185.

"In January 2017, Faroe was awarded PL740B Brasse extension
 possible northward extension of the Brasse Discovery on the eastern side of the Brage Field is an attractive exploration target"

[ed 123] 25/5/2017 09:03

So, there it is, spudded.

Appraisal with an element of exploration, it might be said.

Looking at page 9 of the May 2017 corporate presentation, "Brage Unit" is written at the top of the Brasse Block. Does that suggest that Faroe want a payment from the Brage partners in respect of oil thought to have been drained from the Brasse block and produced by the Brage partners?



Anyone know, how unitisation works regards timing? Does it cover all relevant hydrocarbons produced right back to startup? Or, does it only begin to apply to hydrocarbons produced from the time that a claim is first made? I suspect it will be the latter, but does anyone know?

[bountyhunter] 24/5/2017 17:48

SQz is a gem; don't mention the pigs though ;-)