Faroe Petroleum Share Discussion Threads

[bountyhunter] 26/5/2018 14:39

Header extended to include Edinburgh prospect info.

[rogerlin] 25/5/2018 07:59

Block 30/14b - Edinburgh - Faroe 100% and Operator

The Edinburgh prospect straddles the UK/Norway border in the Central North Sea, at the south eastern end of the prolific Josephine Ridge area, south of the producing Blane field (Faroe 44.5%) and adjacent to the producing Flyndre/Cawdor fields operated by Maersk. The structure is a large, tilted Mesozoic fault block, and is one of the largest remaining undrilled structures in the Central North Sea covering an area of over 40 square kilometres. The prospective reservoirs in this new licence include the Triassic Skagerrak Formation and the Upper Jurassic Ula age-equivalent (Freshney and Fulmar) proven reservoir sandstones

[wbodger] 24/5/2018 12:25

PMG RNS:
The awards also include acreage containing the Lowlander oil field, in close proximity to Parkmead's Greater Perth Area ("GPA") oil hub project. The addition of Lowlander increases Parkmead's 2C resources by 29% to 95.3 million barrels of oil equivalent ("MMBoe")



PMG were also awarded licenses around 30/14b. The latter, the only licence awarded to Faroe in this round, is right next to the Norway border. Here's what PMG say about their awards next to it:

Blocks 30/12c, 13c, 17h & 18c (Parkmead 30% and operator) are situated in the prolific Central Graben. Four play fairways are developed on this acreage providing six prospects. Significant prospectivity on the blocks is mapped at Palaeocene Mey Sandstone and Cretaceous Chalk level, with additional prospectivity recognised within the deeper Jurassic Fulmar play. The Palaeocene Mey and Chalk are proven productive reservoirs in the area by fields and discoveries such as Joanne, Judy, Orion and Flyndre and

Block 30/19c (Parkmead 30% and operator) ... contains Ruvaal, a Palaeocene Mey combination structural and stratigraphic trap. The work programme includes a drill or drop well. Parkmead's co-venturers on the licence are Serica Energy, Zennor Petroleum and CalEnergy Gas.

[rogerlin] 24/5/2018 07:53

PMG been awarded Lowlander in the 30th round I see.

[tom111] 23/5/2018 17:07

I see oil took a hammering early on but has recovered to previous levels

[wbodger] 23/5/2018 16:51

Thoughts on the RNS:

Brasse discovery seems to extend into the Brage licence PL185 on the north side. The Brasse Extesion mooted in the Analyst Presentation of February (very informative if people have time) certainly takes in a lot of PL185. Perhaps it is why PL740A has not been awarded but PL740B and PL740C both have. The Brage JV would have to partly relinquish PL185 in order for a new licence to be issued as PL740A.

The two Brasse discovery drills showing on NPD were 31/7-1 and 31/7-2 (each with sidetracks) both within PL740, but the yellow area shown in the Analyst Presentation, called Brasse Extension, extends from PL185 to PL740B and even into the main Brage block, PL055.

Faroe say This new Brasse East exploration well demonstrates the progressive approach being adopted by the Brasse Joint Venture towards derisking the wider prospective areas both to the east and the north east of the Brasse field, which includes the Brasse Extension prospect.

The Analyst Presentation did not say where the Brasse Extension was to be spudded, but the large yellow shape suggests something southeast of Brage. This latest RNS might push it further out.

re. rogerlin, Let's hope the Transocean Arctic is a lucky rig for us, that's the one that discovered Brasse. ;-)

No mention in this RNS of Cassidy, which I think was pencilled in back-to-back with production drilling at Oda. That's another one that could be interesting. It was scheduled for H2-2018, like Rungne. (I like Rungne being described 'high impact'.)

[wbodger] 23/5/2018 16:47

Okay I withdraw daft, but if they did they would be adding mucho casho from Kurdistan, which vikingbhoy suggested was a bit dodgy.

But $400 million is not nearly enough, especially as they must have spent £1.25 times 367 million times 0.287 times GBPUSD of 1.33 = $175 million, getting to 28.7% of Faroe.

[tom111] 23/5/2018 16:32

Off the DNO web site. The way I see it 200m will be rolled over.The net proceeds from the new bonds will be used toward refinancing the outstanding bonds and general corporate purposes

[tom111] 23/5/2018 16:18

Malcy suggests otherwise Whodger, who knows

[wbodger] 23/5/2018 16:09

The DNO statement rolls the existing bonds into the $400 million new one. Holders are given a sweetener if they offer them in part exchange for the new ones. I don't see anything unusual. They were obviously not using the bond to buy Faroe, that would be daft.

The DNO Annual Meeting is a week tomorrow. They will probably be more interested in Kurdistan.

[thedudie] 23/5/2018 13:26

I thought they were refinancing an earlier bond -- but the wording is slightly ambiguous ....

hxxps://www.dno.no/en/investor-relations/announcements/2018/dno-completes-usd-400-million-bond-placement/

td

[tom111] 23/5/2018 12:33

The question beggars why do they want the money,i thought they they were cash rich,seems ominous imo.

[bountyhunter] 23/5/2018 12:05

Malcy's Blog today:

"...Whilst everything in the Faroe garden looks incredibly lovely and even at 144p I am a rock solid fan, it should be noted that DNO have completed their roadshow and announced an oversubscribed $400m 5 year bond with a coupon of 8.75%. Just good friends I think DNO said but their wallet is full and they have the first tranche of Faroe stock very much on the cheap thanks to the short term nature of some investors."

[rogerlin] 23/5/2018 11:22

One licence in UK 30th round, 30/14b.

[rogerlin] 23/5/2018 08:38

I think Brasse East is still in the original PL740? The new licences PL740B and C are further large areas to the north east, adjacent to Brage, but I doubt these are fully worked up yet, they haven't had them long.

FPM have good stakes in these ventures, 50% in Brasse and 40% in Rungne. Let's hope the Transocean Arctic is a lucky rig for us.

[bountyhunter] 23/5/2018 07:37

This company just goes from strength to strength!

Also at the end of the RNS...

"Meantime we await results of the ongoing side-track and potential flow testing operations at the Fogelberg field. We are also preparing for drilling of the exciting, high impact Faroe-operated Rungne exploration well, our next exploration well, scheduled to spud in late summer."

[thedudie] 23/5/2018 07:17

Brasse East well confirmed for Q4 2018.
Surprised they have a slot so soon .... but great news!

[tom111] 21/5/2018 17:20

Some really chunky buys near the end of the day 2 over £570000 and other very respectable buys.Someone upping their stake?

[hopeful holder] 18/5/2018 21:39

I'm in step in both HURand FPM, as well as other oilers. FPM has performed well recently and the opportunity still exists here for gain.The current oil price and recent share moves makes me wonder whether I should top up, but dithering about it has meant I have missed out quite a bit already!

[tom111] 18/5/2018 18:07

Hi telbap as Malcy said this is probably the best run company out of his bucket list.I bought just before and after the DNO 28% plus holding was purchasedI suggest you just run through the RNS list to get a better understanding of what is happening here.There is a lot of talk that the company will be taken over.HUR is a great company but they have someway to go yet before production.This company is benefiting from the oil price rise immediately and is a growing company.As I said before just do your homework.You will find this is a very quiet board compared to others,no bad thing.GL

[telbap] 18/5/2018 17:40

Tom......saw your post on HUR. Not really looked at faroe before........have ypur been here long?I have some funds coming from stellar/nwf deal...when they even really arrive.Looking at more HUR or maybe something else????

[tom111] 18/5/2018 14:38

Ticking up nicely over the last couple of days,if theres a bid in the offering they better move soon before the share price is too high

[harry rags] 17/5/2018 11:44

Pre the crashOil $100 cost app $50 profit $50Now $80 cost app $25 profit $55There will be variations in the cost with some are around $12 per barrelOil company share prices should be much higher IMHO

[tom111] 17/5/2018 10:01

Thanks BH.We are now over $80 a barrel