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FPM Faroe Petrol.

160.40
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Faroe Petrol. LSE:FPM London Ordinary Share GB0033032904 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 160.40 160.00 160.40 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Faroe Petroleum Share Discussion Threads

Showing 9576 to 9597 of 11025 messages
Chat Pages: Latest  393  392  391  390  389  388  387  386  385  384  383  382  Older
DateSubjectAuthorDiscuss
17/5/2018
08:55
yes (but no to merger with DNO, that would be a takeover):

...fully funded to reach our organic production growth target of 35,000 boepd.

"Faroe remains confident in its potential to exceed this production growth target through additional organic developments and investments, in addition to potential M&A opportunities."

bountyhunter
17/5/2018
08:53
I notice they mention merger/acq again this morning is it not possible they could merge with DNO?
tom111
17/5/2018
07:16
We believe that the level of divestment activity will most likely increase following proposed tax changes, announced by the Chancellor of the Exchequer in 2017 which, effective from November 2018, should allow the historical tax profile of an oil and gas field to be transferred to the purchaser of a licence interest, thereby allowing tax relief for future costs of abandonment expenditure. Although our experience is that a number of vendors are prepared to retain their abandonment obligations, this change should enable asset purchasers, such as JOG, to take them on more easily.

This paragraph in a recent update from JOG. I think this has been hampering takeover activity in UKCS, for Faroe and others. There are many looking for nice production assets but few deals. Sadly by the time this is sorted, with the POO as it is, the price of these assets will have gone up and it may after all be better to stick to organic growth.

rogerlin
17/5/2018
06:51
Yes, the Board is trying to retain shareholder loyalty and ambition.

The rising oil price will be helping the Board.

Today is just a bit of shadow boxing. Another 5 months or so, and it gets really interesting.

ed 123
17/5/2018
06:41
From today's RNSwe are fully funded to reach our organic production growth target of 35,000 boepd."Faroe remains confident in its potential to exceed this production growth target through additional organic developments and investments, in addition to potential M&A opportunities."Watch this space
harry rags
16/5/2018
18:14
This is the slow year for Faroe. The major projects start coming on stream (or coming back, in the case of the Njord area) in 2019. (See #898 above.)

Other more highly geared oils will be cashing in better - eg PMO, Catcher reached 60,000 bopd "in recent days" helping PMO's daily production to 90,000 bopd, compared to Faroe's 12-15,000 guidance. I'm not touting PMO (their debt is eye-watering) but timing of the PoO recovery has favoured them, and will allow them to pay down some debt as long as oil price stays this high. (Before the tender PMO's share price was languishing in the (edit:) sixties and Faroe's Market Cap was greater than theirs.)

wbodger
16/5/2018
17:33
I see Brent tonight is over $79 Faroe must be making a fortune out of this consistant rise?
tom111
09/5/2018
09:05
LOL

:-)

wbodger
09/5/2018
08:48
A bit frisky this morning?

Up 7.5p.

Where's Peel Hunt? They need to raise their target again?

ed 123
08/5/2018
11:32
Peel Hunt move price target from 125p to 143p.

Maybe just playing catch-up with the market price?

ed 123
05/5/2018
06:56
a good article which sums up the situation well
bountyhunter
04/5/2018
11:25
thanks for finding that td, DSO probably had in mind only going ahead with the agreement of the BoD I guess so could afford to make the statement they did to keep expectations and hence the price down so far as possible but not ruling out an agreed bid at any time should the opportunity be there
bountyhunter
04/5/2018
11:12
Bountyhunter ..... from the no bid statement on 4th April - I think their No Bid status can be shelved with support from the board - see point a)

04 April 2018

Rule 2.8 Statement: No Intention to Bid Statement

Oslo, 4 April 2018 - DNO ASA, the Norwegian oil and gas operator, today announced that it does not intend to make an offer for Faroe Petroleum plc.

This is a statement to which Rule 2.8 of the Takeover Code (the "Code") applies.

Under Note 2 of Rule 2.8 of the Code, DNO reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances:

(a) with the agreement of the board of Faroe Petroleum;

(b) if a third party announces a firm intention to make an offer for Faroe Petroleum;

(c) if Faroe Petroleum announces a "whitewash" proposal (Note 1 of the Notes on Dispensation from Rule 9) or a reverse takeover (as defined in the Code); and

(d) if there has been a material change of circumstances (as determined by the Takeover Panel).



td

thedudie
04/5/2018
10:32
good reasoning HH, now when is that 6 mths up?
...however presumably if agreement from the Faroe BoD was obtained they may not have to wait that long? not sure of the exact rules on this

bountyhunter
04/5/2018
10:02
DNO is an oil producer and explorer. It does not buy a minority shareholding and then sits on it. It wants financial and operational control of Faroe and its assets
gersemi
04/5/2018
10:00
In my view DNO's hand was forced a little.Dalek sells shares in FPM, DNO buys as it fits with safer grounds and strategic direction, but earlier than they would otherwise have wanted.They issue a no bid for 6 months notice (or whatever the timeline is) to calm the market and stop the shares going through the roof.They now have time to raise funds before that timeline runs out so at the end of the period, can mount a bid with cash or sim in place, I.e they have the means to move forwards with taking over FPM.In the meanwhile, investors like ourselves and probably the Board want full and best value so the best way to do that is keep drilling and bringing to market, increasing our worth.Meanwhile our projects potentially coming on stream and improving value do not get monetised so DNO get FPM at a 'discounted' price if they act this year or early next.Of course, I could have it all very wrong, but then why build up such a big stake to do nothing....
hopeful holder
04/5/2018
08:35
Maybe its just good results of the Fogelberg appraisal well.
scaff55
03/5/2018
23:33
This is not going to happen. Why shout from the rooftops and have to pay substantially more?
jasper2712
03/5/2018
21:48
Thanks, Vikingbhoy.

Yes, my concern for the proposed DNO bond too would be political stability and hence cashflow stability for DNO. Having said that, DNO got its $400 million bond away in June 2015 when the Brent price was around $65 and at only 8.75%pa. I don't know the politics in detail but I'd guess that DNO wouldn't embark on this new bond issue unless they were fairly confident of achieving the raising.

The technical people at Faroe are good and if I were DNO I'd offer a bit more if necessary to hang onto them.

Bid coming? I think so. Timing? Probably quite soon, once they have secured the funds. In any case, imho, DNO need to move within one year because the middle of next year is when the first of Faroe's planned increments in production should occur (Oda coming on-stream at c. 4,500 boepd net). A series of increments is then planned, ultimately leading to Faroe being a >30kboe/d producer. At that point the shares may be 150/170p(?) in the market if Faroe should retain its independence. Hence, DNO needs to get on with it.

For Faroe holders, a DNO bid might give them an exit at a price that they'd otherwise have to wait a couple of years to see. For private shareholders that's maybe not a big deal. However for the big holders, liquidity is a concern, plus they'll likely have seen the mid-40's while holding Faroe. I don't think they'll be unreasonably demanding on the price.

ed 123
03/5/2018
20:04
the share price could well be 150p by Oct/Nov if they leave it when they might get away with that now but they may not be able to raise getting on for half a billion right now; even now 150p may not be enough with the close today~138p
bountyhunter
03/5/2018
19:30
Should also say that knowing DNO management, they would not be adverse to a hostile takeover. You could see them wait until October/November before launching a hostile bid and accumulate cash in the meantime. Another possibility would be that they try to gain control of the board at the general assembly. They’re not afraid of dirty tricks, but i also think they like the Faroe management team and would like to keep them. In that case reaching an agreement with the current board makes more sense
vikingbhoy
03/5/2018
19:24
No problem, Ed. Not too close, I just know DNO well I’m pretty sure DNO will go forward with a bid. The one thing that can derail it in my view is political risk in Iraq. DNO gets their cash flow from the Kurdish region in Iraq and Baghdad disagrees with the contracts and the kurdish right to export oil independently. If the cash flow from Iraq gets cut off for whatever reason before DNO can finance the bid,( and this has happened in the past) the deal is obviously off. Iraq has an important Supreme Court decision on oil exports next week and elections later this month, both could cause disruptions
vikingbhoy
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