Faroe Petroleum Share Discussion Threads

[jasper2712] 04/12/2018 16:53

Still too low in my book. The only way is up as I feel oil has bottomed

[harry rags] 04/12/2018 12:30

Taken from Americanbankingnews.com Jefferies Financial Group reissued a "buy" rating and issued a GBX 190 ($2.48) price target on shares of Faroe Petroleum in a research note on Monday, October 22nd. Finally, Canaccord Genuity reissued a "buy" rating and issued a GBX 190 ($2.48) price target on shares of Faroe Petroleum in a research note on Tuesday, November 27th.Interesting in light of the miserly offer of 152p from DNO Harry

[jasper2712] 03/12/2018 19:22

If the number of sells recorded are to be believed, then the share price should have fallen a lot more than the 3.6p. This ,incidently, was the rise due to the last trade on Friday.

All a bit strange but at least we are still holding above the 152p.

[wbodger] 03/12/2018 09:25

The pre-lay is not an issue, as you say it would be done well in advance, but the offshoreenergy article also says Wellesley have both consents, which is often a signal.

[bountyhunter] 03/12/2018 08:11

Brent up about $3 this morning, see header chart.

[rogerlin] 03/12/2018 07:53

Thanks Wbodger, that fits because the booking is Well Expertise Norway, both Faroe and Wellesley have used them I think, the KL Sandefjord hasn't moved yet and they can pre-lay ages in advance, doesn't say anything necessarily about success at Brasse East but all the same would rather not see it.

[wbodger] 02/12/2018 21:22

rogerlin, I think Cassidy is fairly shallow - jack-up froom memory. I'll edit this post but I think Equinor or someone had booked T/O Arctic.

Edit:
www.offshoreenergytoday.com/spirit-energy-granted-drilling-permit-for-cassidy-well/

Also, it wasn't Equinor but Wellesley:
www.offshoreenergytoday.com/wellesley-gets-consent-to-use-transocean-rig-for-north-sea-well-duo/

[rogerlin] 02/12/2018 19:19

Platou show KL Sandefjord as down to pre-lay the TO Arctic, is it the rig for Cassidy? Brasse East only started on 21st Nov, may be a short one.

[robs12] 01/12/2018 15:10

rogerlin, you are quite probably right ref relinquishment, Lowlander was picked up in the 30th Round by PMG so definitely relinquished, don't know on the others but can't find any sale info. I have corrected, ta!
Faroe wrote down $6.4m for Perth.

[rogerlin] 01/12/2018 12:05

The Company has written down to zero the carrying value of its interest in the Perth licence (Faroe 39.95%, increased from 34.62% following Atlantic Petroleum's withdrawal) having done the same for its interest in the Lowlander licence (Faroe 100%) in 2015. Faroe's managements view is that the current market conditions, there is a low likelihood of commercialising these interests in the near to medium term (Interims Sept 16).

I don't think FPM were keen on the Perth hub, or at least at that time had to concentrate on their Norway assets. The interests were just relinquished, as I understand it, and subsequently picked up by PMG, not sold to them.

[bountyhunter] 01/12/2018 08:24

Brent header chart rolled.

[bountyhunter] 30/11/2018 20:05

Maybe a reverse takeover of DNO paid for by new shares in FPM lol!

[oli12] 30/11/2018 19:59

I think they need to go bigger than PMG for it to work.

[bountyhunter] 30/11/2018 19:39

So do I, great suggestion! Presumably the FPM BoD haven't missed that possibility!? ...and Tom Cross would make a useful addition to the Board and beat potential DNO board members hands down!

[robs12] 30/11/2018 19:21

Remember how Graham Stewart (FPM CEO) used to be CFO of Dana, recruited by and working for Tom Cross...Dana taken over at well below what they thought it was worth.

And Tom Cross is now CEO and major shareholder at PMG, who have held ~1.1% of FPM shares for some years (why?).
They appear to be good mates..

And FPM relinquished their stake in GPA area (Perth & Dolphin) and PMG picked it up in February to give PMG 100%. FPM wrote down $6.4m for that.
And "GPA is one of the largest undeveloped oil projects in the North Sea" (according to PMG), and they are in commercial discussions with Nexen to use Scott as a tieback to produce with "1st hydrocarbons currently planned for late 2021" (according to PMG on OGA website).

Unrisked GPA value £372m (according to Panmure Gordon).

And PMG mkt cap is £56m with approx £24m cash and £6m FPM shares, so just £26m for GPA (and more).

So if a FPM merger or takeover is needed to fend off DNO, and a GPA development deal is closer than we think....

Just sayin'... ;-)

I hold both.

[bountyhunter] 30/11/2018 17:19

Yes Oli SQZ might be a good fit, or even IOG, just need to get big enough to be too expensive for DNO, not that we are not already!

[manrobert] 30/11/2018 17:16

certainly a positive close.maybe news on the way.

[oli12] 30/11/2018 15:45

Good point. It would be interesting if the board of Faroe announced a merger with say Serica Energy thus forcing DNO’s hand. An all share merger valuing FPM shares at say £2 would put the cat amongst the pigeons and dilute the DNO holding in the process.
Let’s see what happens.

Interesting trade for 160 towards the end of the day

[bountyhunter] 30/11/2018 15:22

Neither will I. Yes if FPM bought up a smaller company or more assets that would throw the cat amongst the pigeons!

[harry rags] 30/11/2018 15:14

The offer is a waste of paper as it will certainly fail. With such a low offer they have plenty of scope to increase once or twice but also Faroe could be working on an agreed bid or a merger or could be looking at buying more assets. Time will tell but I will not be selling at this price. Harry

[redartbmud] 30/11/2018 15:01

Final go:

"The Offer Document will be posted to Faroe Shareholders as soon as practicable:"

(That means you will get the bit of paper for acceptance, with the relevant dates on it.) Its at the printers...

[redartbmud] 30/11/2018 14:48

vikingbhoy

It looks like an offer to me:

The Board of Directors of DNO ASA is pleased to announce the terms of an offer to be made by DNO for the while of the issued share capital of Faroe Petoleum...
The Offer will be 152 pence in cash for each Faroe Share....

Think they mean business.

[vikingbhoy] 30/11/2018 14:33

No, you have to read the documents and the regulations. DNO announced that they were going to make an offer. According to the UK Takeover Code, DNO has 28 days to produce a formal offer, but they cant table an offer in the first two weeks of that period without approval by the board.

[redartbmud] 30/11/2018 14:27

The Faroe rebuttal arrived with the DNO offer of 152p cash.

DNO based their offer on the Faroe share price of 105 pence per share at the close of business on 3 April 2018 - a 44.8% premium.

Not spotted first closing date.