Faroe Petroleum Share Discussion Threads

[fntc] 19/9/2018 19:31

DNO took over Origo and kept the team, just changed the name to DNO Norge. The old Origo office in Stavanger is now DNO Norge office, with the same crew of petrophysicists, etc.

[xxnjr1] 19/9/2018 13:22

They probably got bored of waiting for Riverstone to cough up the funds. Their original commitment to Origo was supposed to be $67m, but after investing about $9m into Origo

".....In June 2017, REL, through the Partnership, transferred its interest in Origo to Norwegian oil and gas operator DNO ASA for no proceeds".

[rogerlin] 19/9/2018 11:17

Not clear what is left of the Origo team, none of them seem to feature in the important directorate positions?

[bountyhunter] 19/9/2018 10:19

"We are now positioned to pursue further asset acquisitions", meaning us?

[xxnjr1] 19/9/2018 09:58

DNO's Norwegian assets are probably pretty good, as previous management had form. Origo was a Riverstone Energy start up, although REL didn't seem to put much money into them after the oil price crash. Anyway REL's website still has this

"The company (Origo Exploration) is led by a team who previously founded and sold two successful North Sea focused exploration companies: Revus Energy (“Revus”), founded in 2003 and acquired by Wintershall in 2008; and Agora Oil & Gas (“Agora”), founded in 2009 and acquired by Cairn Energy in 2012."

And from the big man at DNO

"Origo presented a unique and timely opportunity to partner with an experienced team with a strong record of exploration success and value creation," said DNO's Executive Chairman Bijan Mossavar-Rahmani. "We are now positioned to pursue further asset acquisitions and, importantly, to compete in future exploration bid rounds offshore Norway."

[rogerlin] 19/9/2018 08:40

Mention here of the DNO/Lundin licence swap giving DNO 10% of Rungne PL825. DNO website as far as I can see gives just a list of their Norway licences, no detail about them.

[xxnjr1] 18/9/2018 23:11

Either we get a bid from the Barbarians at the Gate, or FPM just grows organically. Both outcomes should be positive from here. But maybe "organic" is the way to go.

[jasper2712] 18/9/2018 17:22

362m shares in circulation and in a few years they will be making 1m/day if they achieve the 30000 which they seem quite confident about. Worth at least £3/share minimum.

[bountyhunter] 18/9/2018 17:17

could be, or could just be the strong Interims out today

[bountyhunter] 18/9/2018 14:10

missed that bit, I think we have it all now;

a good market reaction to the Interims so far today :)

[wbodger] 18/9/2018 14:08

Thanks trev/bh, I was distracted.

Don't forget the rest of the words: "Another meeting is planned for next week with the Norwegian oil and gas company."

[bountyhunter] 18/9/2018 12:49

do you have a link to that please Wb as significant by their absence of any mention at all in today's statement

[thedudie] 18/9/2018 12:31

New presentation available

[bountyhunter] 18/9/2018 11:56

From Macy's Blogger today

"When you read all this it is no surprise that DNO have climbed aboard the good ship Faroe, in every single metric they display the signs of delivering in the short,medium and long term and the management team with all its support is first rate. The presentation pack was very good, bordering on a first go at a defence document, let’s hope that it does not go in that direction. Shareholders are very fortunate to be in Faroe stock and should not be bullied or bribed out of it for short term gain, after all the company didn’t get here on a wish and a prayer."

[rogerlin] 18/9/2018 08:17

In Q and A of Cairn's interims Eric Hathon exploration director mentioned "some issues in the shallow hole" at Plantain and so a bit behind schedule.

[bountyhunter] 18/9/2018 07:19

link added to end of header

[bountyhunter] 18/9/2018 07:15

Interims out:

"near to medium term production growth target of 35,000 boepd"

[wbodger] 12/9/2018 23:20

Drilling Permit approved for Rungne:
hxxp://www.npd.no/en/news/Drilling-permits/2018/306-30/

Offshoreenergy adds:
Following the completion of this well, Faroe will move the rig to drill its Brasse East well, hoping to add further incremental reserves to the existing 2P reserves of 30.7 mmboe (net to Faroe) for the planned Brasse field development. The unrisked gross resources targeted are 12.5 mmboe.

Link for offshoreenergy:
hxxps://www.offshoreenergytoday.com/faroe-prepares-for-north-sea-well/

[vikingbhoy] 12/9/2018 14:12

hxxps://www.dn.no/nyheter/2018/09/12/1252/Olje/dno-toppen-avviser-ikke-faroe-oppkjop

[vikingbhoy] 12/9/2018 14:12

Interview with DNO Chairman inn Norwegian newspaper:


"We are a strategic shareholder in Faroe Petroleum. We are supportive of Faroe and Faroe's leadership, "says DNO's chairman Bijan Mossavar-Rahmani to DN at the Pareto Oil Conference on Wednesday.

He will not respond directly to whether DNO plans to acquire Faroe Petroleum's Faroese oil company. DNO secured 28 percent of the shares in Faroe earlier this year and is now the largest shareholder.

- What are the plans for Faroe?

"Our plans have not changed," replies Mossavar-Rahmani.

-Do you plan to buy up Faroe?

"Our plans have not changed.

- So you can not confirm that you do not have plans to buy up Faroe?

"I think I'm pretty clear. Our plans are as we said when we bought in Faroe, says DNO Chairman.

"DNO has now decided to build a long-term strategic stake in Faroe Petroleum and support the growth-focused strategy that Faroe Petroleum's management has," DNO wrote in a stock market announcement when it first acquired in Faroe.


In August, DNO announced that it would have a seat in the Faroese oil company after it bought up to 28.23 percent of the company earlier this year. There should have been a wish to get both DNO's chairman Bijan Mossavar-Rahmani and CEO Bjørn Dale into the Faroe Board.

It did not take many hours before Faroe returned to a message where the company mentioned, among other things, the proposal as "solely for self-interest for DNO" and that it is part of a secretive strategy from DNO and Mossavar-Rahmani to gain control over Faroe's business without making an offer with an appropriate premium to all shareholders.

Mossavar-Rahmani says that the boardroom position is currently not on the table anymore.