Faroe Petroleum Share Discussion Threads

[rogerlin] 18/1/2018 17:11

The well will target two formations, one in the Cretaceous and the other in the Jurassic.The Cretaceous Hades prospect is a closure on the flank of the Sklinna Ridge, with the Jurassic Iris prospect located directly underneath, within a rotated fault block.

You would have thought they must be in the upper prospect by now, could the news be good? But that little flurry of buying has not followed through. The share price of FPM seems increasingly disconnected from drill results these days.

[thedudie] 18/1/2018 16:54

I guess the 90 days that was guided would be the last week of Feb .....
td

[rogerlin] 18/1/2018 16:33

Statoil seem to think Deepsea Bergen will be available in February.

[ed 123] 17/1/2018 16:36

It's possible someone has got wind of something. I am in the dark, though.

Late print of 376,000 shares trade at 114.77p. Someone's optimistic.

3.3 million volume today.

Maybe today's action will force an rns?

[harry rags] 17/1/2018 16:29

Ed123Something bigger?Harry

[ed 123] 17/1/2018 16:25

Yes, big-ish volume and outperforming the sector today.

It hasn't reacted like this to new licence news before.

[thedudie] 17/1/2018 14:23

Quite a few shares being shuffled today .... Will be the highest shares traded for nearly 6 months!
Time will tell I guess.....

TD

[pineapple1] 17/1/2018 13:23

Lets hope FPM can stop the rot.!!!!!

[bountyhunter] 17/1/2018 10:29

would be good to see that one put into peak production 8~)

[rogerlin] 17/1/2018 09:21

Thanks bountyhunter. If eventually it gets put into production the name will no doubt be changed anyway!

[bountyhunter] 17/1/2018 09:02

Skræmetindan is a peak and is located in Vang, Oppland county, Norway. The estimate terrain elevation above seal level is 1590 metres.

A peak under the sea floor full of oil I hope! ;-)

[rogerlin] 17/1/2018 08:23

Three new licences, Blue Libelle, Arhus and Skraemetindan, the remaining five are acreage adjacent to existing fields or prospects, Tor, Katie, Brasse North, Tambar and Ula. Hopefully good value building stuff!

Edit. Libelle is dragonfly (Dutch I think rather than Norwegian), Arhus a city in Denmark, but as for Skraemetindan?

[cwa1] 17/1/2018 07:40

Eight new explo licences announced.....

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

"We are very pleased to announce the award of eight new and prospective licences in the latest Norwegian licensing round. We have further consolidated our position in core areas of the Norwegian continental shelf in which we have delivered recent exploration success.

"We look forward to high-grading these new licence opportunities in the coming period. This good quality new exploration acreage, together with our enhanced production portfolio and development pipeline, ensures that our shareholders are exposed to a well balanced and sustainable set of growth opportunities going forward.

"Faroe has a material and exciting drilling programme in 2018. We are currently drilling the Iris and Hades exploration well in the Norwegian Sea, to be followed by the Fogelberg appraisal well. Two further exciting Norwegian exploration wells, Rungne and Cassidy, are planned to be drilled in the second half of 2018."

[wbodger] 16/1/2018 21:26

PGNiG is a new JV partner instead of DEA, which still shows on the Faroe website and on NPD. Centrica's name change to Spirit has gone through NPD database, but not the DEA->PGNiG asset transfer.

It looks as if BASF-LetterOne(DEA) did not want it (?) and that FPM and Spirit also took 5 of DEA's 25%, but not pro rata unless it's a mistake.

Confusing all the name changes. I'm also not sure if the Wintershall-DEA tie up is done now.

[scaff55] 16/1/2018 15:38

16 Jan 2018
Photo - see caption

The Norwegian Petroleum Directorate (NPD) has granted Spirit Energy Norge a drilling permit for appraisal well 6506/9-4 S in production licence PL 433.

Well 6506/9-4 S will be drilled from the Island Innovator drilling facility, at position 65°15'38.07" north and 6°42'35.69" east. The drilling rig is currently at quay in hot lay-up.

Spirit Energy is the operator with an ownership interest of 51.7 per cent. The other licensees are Faroe Petroleum (28.3 per cent) and PGNiG (20 per cent). The area in this licence consists of a part of Block 6506/9 and a part of block 6506/12. The well will be drilled about 8 kms north of the Smørbukk field.

Production licence PL 433 was awarded on 16 February 2007 in APA 2006 on the Norwegian shelf. This is the second well to be drilled within the licence.

The permit is contingent upon the operator securing all other permits and consents required by other authorities prior to commencing the drilling activity.

[cwa1] 16/1/2018 14:18

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that the Company's US$100m senior unsecured bond "Faroe Petroleum plc 8.00% Senior Unsecured Callable Open Bond Issue 2017/2023" with ISIN NO001 0811268 will be listed on the Nordic ABM on 17 January 2018.



Danske Bank, DNB Markets and SEB acted as Joint Lead Managers and bookrunners for the bond issue. Pareto Securities, Sparebank 1 Markets and Stifel acted as Co-Lead Managers.

[wbodger] 16/1/2018 00:01

RedRossi, I don't think they have announced 2018 production guidance, I would expect them to do so when reporting 2017 results. I meant 2018 was likely to be a bit less than 2017. It seems to me that with a lot of Norway production still missing in 2018 because of Njord and remedial work on the Greater Ula hub and on Brage, they will do well to maintain or increase 2017's level.

Guidance for 2017 was updated periodically, most recently in the November RNS, "Successful issue;$100m bond & updated presentation". In the Notes To Editors there is Full year average production for 2017, is estimated to be between 13,000-15,000 boepd.

By dyor I was referring to the monthly figures put up by NPD, since Norway accounts for 4/5ths of production. Someone else posted about UK figures not long ago. I projected about 11,000 boepd from Norway in 2017, which would be consistent if UK production is around 3,000 boepd.

[bountyhunter] 15/1/2018 18:00

Brent now over $70 at 70.22! :-))

[rogerlin] 12/1/2018 21:09

Surely Tambar is back, and there is guidance for the year in this recent announcement.

[bountyhunter] 12/1/2018 17:41

Thanks for your reply Wb, I'm hyper wary of stocks with large debts in comparison with their MC nowadays having been burnt more than once in the past when interest rates have turned, one good example being Oilexco and another in the telecoms sector being Telewest. PMO may well be different given their impressive production ramp up so long as they can repay the debt fast enough ahead of any future interest rate rises.

[redrossi] 12/1/2018 15:32

So I think boepd in 2018 might be guided a bit lower when the results come out, but dyor..... can you point out where 2018 guidance was announced?

[wbodger] 12/1/2018 12:44

bh, those were my exact thoughts when PMO was stubbornly trading around 64 and the PoO was already on the move, and the feeling on their bb was that PMO had issued convertibles which set up a short selling wheeze, which was holding the share price down. Accurate or complete bs (and I didn't know enough) during the extended Santa rally a lot of oilies moved, and most moved more than Faroe, especially as the PoO increase has reinforced the bright outlook.

I did my figures on Faroe's production which showed that Trym produced a big share of Faroe's Norway output last year, and it should produce all this year and part of 2019. The field is partly on the Danish side, so there may be no tax rebate, although the Danes might charge less tax (anyone know?). The big producer in 2016 was Brage, which certainly produced less in 2017, and Hyme and Njord produced nothing.

So getting Tambar back by Q3 will be important. One consequence of the unfortunate accident will be delay, but it is a minor inconvenience in the bigger picture, of course. So I think boepd in 2018 might be guided a bit lower when the results come out, but dyor.

Finally an improving outlook should mean M&A activity, including divestment or exchange of any discoveries. I live in hope.

[rogerlin] 12/1/2018 08:11

The POO has gone up of late, it may go down again. Faroe's interests seem to be developing nicely, Brasse may turn out to be a star. We are not in the Falkland Islands or in Solan and not grossly over-borrowed. There is much to be thankful for. I think that delay/cost overrun in the Njord refurbishment project might happen and of course there is always the surprise event, like people falling off rigs. It is a mercy that Faroe are not the operator at Tambar. But there is always the possibility of a decent strike at Hades or Fogelberg or perhaps more likely at Brasse extension.

[bountyhunter] 11/1/2018 18:20

I've been looking at PMO - if interest rates rise isn't that £2.7 billion debt going to be a bit costly for PMO to pay interest on and significantly delay paying down the debt? I know that PMO are ramping up production but FPM is my preference due to lack of debt and their prospects including the possible wild card Delek interest.