Faroe Petroleum Share Discussion Threads

[bountyhunter] 27/12/2018 12:21

Malcy today...

Faroe Petroleum
Faroe has announced that the Cassidy well, 8/10-7s, in the Norwegian North Sea has drilled to TD in the target Ula formation but that it was water wet which is understandably a disappointment. Despite this Faroe has a better than industry standard success rate and this year will have a 2/4 strike rate most, including DNO, will envy. With the first closing date for the bid next week Faroe needs to ensure that long term supporters with not sell out these valuable assets and strong management on the cheap.

[vikingbhoy] 27/12/2018 10:48

So DNO claims that Norwegian authorities say that Brasse East is complete while Stewart is quoted in this morning’s RNS as saying it is currently drilling. Either Norwegian authorities have the wrong data or Stewart is fibbing

[harry rags] 27/12/2018 10:47

If DNO offer fails ( which I think it will) then according to their statement this morning"While Faroe's share price has been underpinned by the DNO Offer at 152 pence, the peer group has fallen by 34 percent(1) over the past three months. If Faroe's share price had performed in line with its peers, it would now stand at 106 pence(2) , or possibly lower still if measured against pre-takeover speculation levels."They expect their investment to go down to 106 or possibly lowerSmart guys I don't think

[oto1] 27/12/2018 10:37

With peers trading at less than half their "value", Faroe shareholders are not satisfied with a decent premium?

DNO, if You read this, lapse this offer and spend the money on own shares instead.

[vikingbhoy] 27/12/2018 10:19

Interesting that they haven't announced Brasse East even if it’s complete. Wonder if Faroe will feel compelled to respond?

[bountyhunter] 27/12/2018 10:09

re DNO desperation sets in

[sludgesurfer] 27/12/2018 10:03

It's all rather unedifying. Fascinating nonetheless.

[thegreatgeraldo] 27/12/2018 09:24

DNO doth protest too much, methinks......

[thedudie] 27/12/2018 09:04

Looks like DNO are short of shares ....DNO wouldn't release that if they had enough to get over the line!
td

[oli12] 27/12/2018 08:48

RNS with more DNO propaganda, makes you wonder why they want to bid 152 when you read it.

[ed 123] 27/12/2018 08:34

That well result has scarcely impacted the price.

Trading at 151.0/151.6p. The price is saying that 152p will be enough. No volume, so looks like players are where they want to be. Just waiting for the result of the vote in a week or so. I'd give DNO a 90% chance of success at 152p.

Fwiw, I'd be content with 152p, looking at the wider market. I could cement in 151p, but I'm fairly sure I'll get the full 152p. If I'm wrong, then no problem holding for another year. Relaxed.

[thedudie] 27/12/2018 08:08

Brasse East drill also due to report any day - Looks like 38 days scheduled / spud 21st Nov. Depends on delays etc.
Would have a bigger/closer impact on value I think - as I guess it would get rolled into the Brasse development.
td

[bomfin] 27/12/2018 07:59

Just a wee note from the webcast. Cassidy had been down for 1st quarter 2O19 but has already been drilled. The rig moved there after finishing Oda development drilling so Oda is perhaps ahead of schedule.

[bomfin] 27/12/2018 07:52

Thought Cassidy was a big prospect! Conventional well known north sea play. Oil all around and nothing! 1 from 5 used to be normal. Faroe have been doing better than that.

[oli12] 27/12/2018 07:52

Faroe’s record is exceptional and today’s result should not detract from that however markets tend not to see the bigger picture and only focus on the short term. I remember the incident on Tambar last year where someone sadly lost their life, the share price reaction was OTT. Hopefully the US rally will balance out today’s news.

[bountyhunter] 27/12/2018 07:45

Yes, by two out of (four) ain't bad 😉

Graham Stewart, CEO, commented:

"Whilst the result of the Cassidy well is disappointing, Faroe has maintained its above average exploration success rate in 2018 with two commercial discoveries out of four wells so far this year: Iris Hades in Norway (Faroe's largest discovery to date); and Agar in the UK.

"We remain active over the coming months, with the Brasse East well currently drilling, and a further three exploration and appraisal wells so far committed for drilling in H1 2019".

[oli12] 27/12/2018 07:39

Shame we could have done with that well delivering if only for sentiments sake.

[jasper2712] 27/12/2018 00:46

Oh dear , the tide has turned. DNO now look like King Canute ! Come back in a year . Either way you will be in the money especially with the shares you bought at 125p

[bomfin] 26/12/2018 22:35

Could easily end up that those who sold in the market at 152p or better actually got shaken out.

[bomfin] 26/12/2018 21:12

Listening to it again. Sounds like Graham Stewart threw the idea of cash back to shareholders at the Beginning of webcast!. Now, this is controversial. Norway is a big village and the Oil Industry there is a small village! Iris Hades could be mega. How would you go about getting weak holders out! Vilje doesnt get much of a talk up in the webcast but it is probably the asset with most upside. Why is it said to have least upside! Go have a look at what the 3 Vilje producers have produced so far. An infill there has to have big potential imho.Over 8O million boe produced there from 3 horizontal wells. 2 in the main field and one in the south extension.

[bomfin] 26/12/2018 00:01

If you have listened to the question and answers from the equinor deal webcast you will hear one analyst asking about a cash return to shareholders related to accelerated cashflow. 96 million pounds accelerated cash flow over 2 years claimed. I thought to myself where did this guy get this idea from with Brasse development pending but he wasnt completely knocked back. The answer was that they will not be making a one off payment but will be looking into providing an annual dividend. Watch that space imho. Now, Ula Hub is a core area for FPM and Blane is produced over it also. We have a share of Ula. When Oda comes online shortly. Just month away our initial share is said to be 525O barrels oil per day. Very low cost production. A few dollarsarrel imho.

[bountyhunter] 25/12/2018 13:05

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HAPPY CHRISTMAS ALL!


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[bountyhunter] 24/12/2018 19:14

Just checked and earlier this year FPM stated this which is quite reassuring even if the oil price did remain at $50

Opex in 2018 is expected to be in the range of $23 to $27 per boe. Unit Opex is expected to decrease further as new production is brought on stream in 2019 and beyond

[bountyhunter] 24/12/2018 19:07

DNO?
Fair point though, although I expect OPEC to take further measures to ensure that the oil price does not stay at this level even if that is not immediate.

[fntc] 24/12/2018 19:05

Brent price around $50, who knows how much of the future production is profitable at these prices.