Faroe Petroleum Share Discussion Threads

[bountyhunter] 12/9/2018 07:48

Interims date of 18 SEP put in the header yesterday (thks petomi) confirmed today.

[rogerlin] 12/9/2018 07:44

Thanks FNTC, no doubt we will hear more about this license swap in due course.

[fntc] 12/9/2018 06:52

rogerlin: hxxps://www.dno.no/en/investor-relations/announcements/2018/dno-presses-foot-on-accelerator-in-kurdistan-plans-dividend-payments-following-strong-half-year-2018-results/
"Offshore Norway, the Company recently added six new exploration licenses for a total of 21 licenses and plans to participate in one exploration well in the fall, followed by at least five wells next year."

And from the report there:
"DNO plans to participate in one exploration well in the fall,
followed by at least five wells next year. The Company recently
added six new exploration licenses offshore Norway, including
four in a license swap with Lundin Petroleum. Subject to
government approval, DNO will then hold 21 Norway licenses."

So it is not listed yet on the NPD website since it has not yet been approved by the government.

[rogerlin] 11/9/2018 20:03

FNTC. The DNO Norway licence list has PL825 10% DNO, with FPM, Spirit, Lundin and Equinor. FPM just say FPM, Spirit, Lundin as does the NPD fact page, maybe these are out of date but I can't find anything about a recent farm-in. Would Equinor really want a small non-operated stake?

[bountyhunter] 11/9/2018 14:08

well spotted, now included at the end of the header

[petomi] 11/9/2018 13:58

Guys (and/or Gals)

It's a while back (and a lot happened here since) so you may have overlooked that their 8 Aug RNS said interims would be 18th:

"operational update ahead of its half yearly results which will be released on 18 September 2018."

hxxps://www.fp.fo/news/mid-year-operational-update/

No doubt they will put their best foot forward

GLA

[harry rags] 11/9/2018 13:50

WhoeverLast year we got a weeks notice of the interims so not long to go

[wbodger] 11/9/2018 13:00

Watching paint dry at the moment.

Aside from results of Plantain (which spudded 24/8) we are waiting for a Wellesley drill, PL248I, to finish because the rig they are using is the one booked for Rungne and then Brasse. (T/O Arctic has started drilling a sidetrack off Wellesley's 35/11-21 well. The mainshaft was completed last Wednesday.)

October 4th looms closer, but no sign of activity.

Interims have come out on 22nd, 20th, and last year 26th September.

We ought to get something on the Njord repairs, and whether any production is expected from it next year.

[bountyhunter] 10/9/2018 15:11

Brent header chart rolled

[harry rags] 03/9/2018 16:09

Just a couple of things Last year Faroe Interim Results Presentation was September So hopefully we should get some more updates from the company this monthFrom tomorrow it will be one month until DNO will be free to bid It will be an interest few weeks

[yasrub] 29/8/2018 20:00

There are a lot of moving parts at the moment - with FPM very active the next qtr. Simply DNO might try a cheeky bid on expiry of the 6 mths and take advantage of institutions who might have a more conservative share price valuation to PIS or sit in the background for the next year and see how successful management are in demonstrating value and risk higher price. Flip side explo news not so great and DNO pounce when management on back foot.

[bountyhunter] 29/8/2018 19:41

the lower declaration percentage is 3% rather than 5% then every 1% above 3%

[wbodger] 29/8/2018 19:22

Any trading would have to take an institution across a reporting threshhold otherwise they would not have to report it (DNO of course are effectively baulked). I forgot to add in my earlier post that there have been no TR-1 declarations since the JPM one in mid-April.

The big instis have been scrupulous when they cross the 5% (in either direction) but I'm not sure of the rules which apply when instis cross other 1% hurdles (eg 6%, 7% etc).

1% of shares in issue is 3.72 million shares. Would it be easy to acquire so many discreetly given how closely FPM is watched? Average volume seems to be 866,000/day although it rarely matches that - perhaps the number is still skewed from April.

[bountyhunter] 29/8/2018 16:41

They may not have free funds to add right now and also being August many fund managers are likely to be on leave. It's also a question of balance and diversification with many funds which may not wish to be overweight in any particular sector. Also as far as a bid is concerned all the signs are that if DNO do bid it will most likely be a lowball offer dismissed by the BoD given their recent rhetoric.

[harry rags] 29/8/2018 16:16

Just a thought. I wonder why major institutional shareholders ( who were going to support the board) have not been adding to their holdings if they believe that this share is undervalued or that a bid may be coming?Any thoughts?

[harry rags] 29/8/2018 16:02

4th of October and it is not far away

[bountyhunter] 29/8/2018 14:38

They have to wait until the 6 months is up since saying they had no intention to bid (unless an agreed bid which seems unlikely) - I seem to recall that takes us through to October?

[corrientes] 29/8/2018 14:32

If the boss at DNO is an egoist,you can bet on a bid, and sooner rather than later.IMO.

[wbodger] 29/8/2018 12:42

JPM were one of 3 large instis which had shares in FPM a year ago but dropped below the reporting threshold on April 16.

I calculate JPM bought at least 11 million shares (2.2%) in the July 2016 placement at 70 pence for the DONG assets, which would have cost £8 million, and sold them to DNO for £14 million.

(They also had a non-declarable holding before the DONG placement and may have shares below the threshold now, worth another 20%.)

[rally_no] 28/8/2018 21:01

The fall in the DNO share is probably not related to Faroe. JPMORGAN CHASE BANK, N.A., LONDON was the 3. largest shareholder in DNO. They are now taking profit by reducing their post.

[bountyhunter] 28/8/2018 15:58

Malcy: "...DNO bought their 28.23% stake in Faroe at 125p per share and since then the shares have climbed and now stand at 150p, however in my opinion a fair price for the company, given they have acquired 28% would be well in excess of the current price so shareholders and management alike should be on the battlements preparing for a derisory offer.

For Faroe it is business as usual as it announces that Azinor Catalyst has spudded the exploration well on the Agar/Plantain prospect in the UKCS to which Faroe recently farmed into a position of 25% in the well and 12.5% of the wider licence. This is the first in a busy seven well programme for Faroe as they press on with their famous ‘Value add’ programme so reviled by DNO."

[fntc] 28/8/2018 13:09

DNO recently farmed in to a few Lundin licenses as well, including Rungne (PL825).
Norway license list: hxxps://www.dno.no/en/operations/where-we-operate/norway/

[vikingbhoy] 28/8/2018 12:34

Rogerlin, Origo had a number of exploration licences, but no production.

Anyway, DNO sharply down today, which I expect is out of fear they will overpay for Faroe, which I think is unlikely.

[bountyhunter] 28/8/2018 11:56

from this morning's RNS

"We are pleased to announce the spudding of the Plantain exploration well which is the first in a sequence of seven committed wells in Faroe's current exploration and appraisal programme. The next prospect is the Faroe-operated Rungne exploration well due to spud in September, located in Faroe's core area of the Norwegian North Sea."

so with 7 committed wells there should be no shortage of newsflow, even if we don't here more from DNO ( unlikely ;)

[wbodger] 28/8/2018 09:06

Oslo Bors was open yesterday which may have caused some UK watchers to miss the DNO announcement made to the Bors of withdrawal of EGM request. (Quoted in #1175)

I was interested to see if the market would see the withdrawal as a step towards a bid (which I believe) or away from one (which would mean a period of uncertainty). Answer neutral against other oils, slightly uninterested.

Anyway good to see Agar/Plantain spudded. 28-38 days.

Runge will be spudded after Wellesley has finished with T/O Arctic, which has been drilling for a month.