Faroe Petroleum Share Discussion Threads

[wbodger] 02/11/2018 10:59

No mention of John Bentley in Wentworth's latest Board changes. And I haven't seen any resolution to the Board representation problem between FPM and DNO. Bentley's earler job title at Wentworth has gone to a new appointee, so perhaps he doesn't fancy trips to Tanzania. Katharine Roe has been appointed to the Board there, here is the announcement:

Katherine, Chief Financial Officer since 1 April 2018, was Vice President Corporate Development & Investor Relations for [Wentworth] since 2014 and has 19 years of senior corporate and capital markets experience. Prior to joining Wentworth, Katherine spent 11 years at Panmure Gordon & Co, having moved from Morgan Stanley's investment banking division. She is currently an independent Non-Executive Director of Faroe Petroleum plc, where she will take over the role of Audit Chair in 2019.

Faroe still looks like a strong hold, even if oil prices come down.

[wbodger] 02/11/2018 10:55

DNO reported quarterly production too, and said this:
The Company has received ten monthly Kurdistan export payments year-to-date totaling USD 500 million net to DNO, of which USD 59 million was received in October. This compares to USD 380 million received net to DNO during the full- year 2017.

DNO expects to exit the year with operated Kurdistan production of at least 130,000 bopd

[edited]

[vikingbhoy] 01/11/2018 09:02

DNO released quarterly results today:

"Notwithstanding third quarter spend of USD 71 million, DNO maintained its strong
financial position with free cash balances of USD 640 million. In addition, the
Company held USD 335 million in marketable securities as at 30 September,
including a 28.22 percent stake in London-listed Faroe Petroleum plc, a 5.64
percent stake in Oslo-listed Panoro Energy ASA, a 4.83 percent stake in Olso-
listed RAK Petroleum plc and a 3.23 percent stake in DNO held through treasury
shares"

THey have outstanding debt of 600 million, so net cash of 40 million plus securities.

[bountyhunter] 31/10/2018 17:39

Brent header chart rolled

[thedudie] 29/10/2018 15:15

October presentation on the website
td

[wbodger] 29/10/2018 14:53

Wentworth is due to come out of suspension on Friday. If there is an announcement pending they have have not hinted at it. (I suspect not immediately.) They will have a new EPIC code when they do come out. The Board level connection is John Bentley and Katharine Roe - both are on the board of Wentworth and look as if at least Katherine will stay anyway. John Bentley is getting on.

For me it is intriguing that the chairman of BP is Helge Lund and the recent commitments by Aker BP to the Greater Ula area are quite interesting: it takes up quite a chunk of their Q3 Presentation.

However Lund was associated with pf Tjaldur who sold their 3% of Faroe [edit probably]to DNO in April, before Lund took over at BP, and he might have stopped that if he had any interest in Faroe. They might think DNO would be a well-funded partner in the Greater Ula Area.

[vikingbhoy] 29/10/2018 09:43

The suspension of Wentworth is due to their redomicile from Canada to Jersey and has been planned for some time

[thedudie] 29/10/2018 09:16

Ed - don't think they are funded for Iris/Hades or Fogelberg and also Agar/Plantain may yet be a hit. There is a slide in the last results presentation which shows potential production profile on conversion of some of the 2C to production. Not sure how much funding would be needed on top of improving cash flow

edit - looks like it is slide 9

[ed 123] 29/10/2018 08:42

Faroe was already fully funded for its projects, so what's behind the increase and extension of its bank credit facilities? I'd have to guess they're looking at buying some more assets. Probably not linked to the Faroe rns, but Wentworth shares were temporarily suspended today pending an announcement. There's a Board level connection between Faroe and Wentworth.

[bountyhunter] 29/10/2018 08:01

Header updated, see right at the end, especially DNO supporters, who should also benefit from a good return on their investment here under the excellent current management! ;-)

[rogerlin] 24/10/2018 08:07

KL Sandefjord to pre-lay TO Arctic, for Brasse East presumably?

[bountyhunter] 20/10/2018 13:50

Cheers, start of December then.

[xxnjr1] 20/10/2018 12:33

Rungne: 44 days

[bountyhunter] 20/10/2018 08:30

Latest news at end of header, anyone know how long this might take to reach TD?

[bountyhunter] 19/10/2018 14:49

yes good point, defensive value vs DNO potential lowball offer clearly in mind!

[jasper2712] 19/10/2018 14:23

I think the wording in the latest RNS was cleverly worded to point out the potential value of these shares in 18 months time.

[xxnjr1] 19/10/2018 07:32

Also note DNO now have 10% of Rungne!

[bountyhunter] 19/10/2018 07:32

Yes and plenty of activity ahead over the next 12 months...

Graham Stewart, Chief Executive of Faroe Petroleum commented:

"I am pleased to announce the spudding of the Faroe-operated Rungne exploration well, a near field exploration target which provides us with significant upside potential in one of our core areas. The well is in close proximity to the Faroe-operated Brasse field and existing infrastructure, including the producing Equinor-operated Oseberg oil field.

"This is a very active exploration period for Faroe. We have six exploration wells and one appraisal well committed to drill over the coming 12 months, and many more wells lining up for drilling thereafter. The first of these, the Agar/Plantain exploration well in the UK, is currently being drilled, and this will be followed by the Faroe-operated Brasse East well, to be drilled back to back with the Rungne well.

"These exploration wells are targeting a significant unrisked resource potential net to Faroe of 80-150 mmboe. In addition, the appraisal well on the large Iris-Hades discovery, scheduled for H1 2019, has the potential to prove up very significant resources for the Company."

[xxnjr1] 19/10/2018 07:14

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 the commencement of the Faroe-operated Rungne exploration well 30/6-30 in the Norwegian North Sea (Faroe 40% working interest).

[xxnjr1] 17/10/2018 23:26

Transocean Arctic now on the move.
Edit: @07:30 18/10 Arctic off radar, but Tugs at Rungne location.
Edit: @11:30 18/10 Arctic on location.

[jasper2712] 17/10/2018 15:51

That's wishful thinking not positive thinking

[thedudie] 17/10/2018 15:22

Think a fiver and these will be a fiver ?
mmmm.... that didn't work then!

[jasper2712] 17/10/2018 14:25

Good to see a bit more positivity around today. Think bridge and there will be a bridge!

[wbodger] 17/10/2018 13:23

DNO have no desire to dilute their own shares to accomodate Faroe holders. I used to think paper-plus-cash was an option but now think no chance. DNO will stay on Oslo where they seem to be allowed to hold 40%, and they won't be diluted.

[harry rags] 17/10/2018 13:08

Ed123Ed When the bid comes I expect some competition for Faroe, so patience will be rewarded and the recent highs will be history, many on here will be glad they held on IMHOHarry