ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

FPM Faroe Petrol.

160.40
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Faroe Petrol. LSE:FPM London Ordinary Share GB0033032904 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 160.40 160.00 160.40 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Faroe Petroleum Share Discussion Threads

Showing 10776 to 10799 of 11025 messages
Chat Pages: 441  440  439  438  437  436  435  434  433  432  431  430  Older
DateSubjectAuthorDiscuss
07/1/2019
18:42
(answering tgg, #2120) That is a fair point, but my point was in the context of the Offer Document specifying 57.5% as control, being enough votes to control a share base enlarged by the already-approved options. I just am not sure how going Mandatory affects DNO's success target, as reported.

I don't know what are the terms on the options but they will be exercised for whatever and sold for more than £1.52, and their financial advisors will do the math. They will be exercised, and good luck to them.

wbodger
07/1/2019
18:41
That would be illegal if resulting in BlackRock selling to a third party acting in concert with DNO or DNO at >152p who didn't immediately declare it thereby increasing the offer.
[edited to clarify]

bountyhunter
07/1/2019
18:37
That is correct, but they can negotiate with Blackrock behind close doors as we speak for all we know.
fntc
07/1/2019
18:31
"I assume going Mandatory allows DNO to pick up shares at market price"

Yes but f DNO or their concerts did buy any shares above 152 they would have to declare that immediately (and raise the bid to the highest price paid) so there is no evidence at all to date that that has happened. My guess is that they are still stuck on just 13% acceptances as no-one is going to currently pledge to accept 152 at some point in the future when they could get more immediately in the market.

bountyhunter
07/1/2019
18:22
Wbodger
7 Jan '19 - 17:53 - 2117 of 2119
0 0 0
Yeah, but they are going to be issued in time to get voting rights. Tactically they don't do that immediately.

..Really? They'd better pull their fingers out. What's it going to cost the Board to exercise all their options? Have they got the funds?

thegreatgeraldo
07/1/2019
17:58
For the record Rally.no was a mouthpiece for Bishan. Not saying that's wrong, just for information.
wbodger
07/1/2019
17:54
Not sure what Blackrock is doing.

If I'm to speculate on last days rns then they may have struck some sort of deal with dno.
And that is to keep the needed shares in order for dno to get 50%, and sell the rest above if they can.

Which they now have done.

If this is correct then there will be no raise in price.

We will know soon enough.

Blackrock is certainly a candidate to swap their Faroe shares with DNO shares, and as such keep invested in Faroe and at the same time enjoy DNOs cashflow in Kurdistan.

I'm pretty convinced that there is a much larger upside in DNO with Faroe included than Faroe alone as Rally pointed out.

oto1
07/1/2019
17:53
Yeah, but they are going to be issued in time to get voting rights. Tactically they don't do that immediately.
wbodger
07/1/2019
17:48
Wbodger
7 Jan '19 - 17:38 - 2115 of 2115


I am not sure how the Board Options are affected by the Mandatory Offer - I am not able to read the Offer document atm, but the headline that they only need 50% + 1 instead of 57.5% (to outweigh the options) was confusing. It's as if a MO disqualifies voting rights of Board options.

...Board options don't have voting rights, they're just options.

thegreatgeraldo
07/1/2019
17:38
#2111 It just means they are in a fairly strong position to ask for more than the ~£1.53 they have been trading for. But it is a diminishing leverage, as more and more arbitrageurs accept the inevitable.

I am not sure how the Board Options are affected by the Mandatory Offer - I am not able to read the Offer document atm, but the headline that they only need 50% + 1 instead of 57.5% (to outweigh the options) was confusing. It's as if a MO disqualifies voting rights of Board options.

Whatever, the outcome is not in doubt, just the final price. I assume going Mandatory allows DNO to pick up shares at market price, but that price would nudge up the final payment to all of us.

So much for the support of all the major shareholders. If Blackrock have moved for a few pence it's over.

Blackrock would certainly deal with DNO if they were offering best price above £1.52, because they would get that price on all their shares.

wbodger
07/1/2019
17:16
Dream on. More likely with 155 or so judging by the share price. Blackrock sold 2mln at 152 and 2 more at 154.4
fntc
07/1/2019
17:13
So Blackrock are not selling to DNO.
Whwn Faroe hit their projected target in 18 months then they will be pulling in enough £200m. At todays price DNO would recover their money in 3 years maximum. Not a bad investment.

An increase in their offer has to be forthcoming. At least 225p and not a penny less

jasper2712
07/1/2019
16:21
Thegreatgeraldo

With oil prices around 65, dno increases it's cash position with around usd 30 mill per month.
And 50 mill usd per month with oil price at 80.
A little less now with oil price below 60 (approx usd 25 per month).

So in general dno can buy one Faroe every year with oil price at 80, and every 2 years with oil price at 60.

Market cap is 2x Faroe and is ridiculously cheap compared.

It's the geo risk that dno wants to reduce going after Faroe.
I have mixed emotions as I believe we are paying too much for this reduced risk, but if it this what it tskes to double the share price in dno, so be it.

Dno has usdm 600 mill in borrowings, which could be repaid in 1-2 years if we do not buy Faroe.

oto1
07/1/2019
16:18
I guess that makes them the kingmakers? They could demand more than current offer to part with their 6.21%
funtimejonny
07/1/2019
15:37
Blackrock, largest owner after DNO sold another 2. 2mln shares on Friday, at 154.4p
6.21% remaining, exactly the same amount DNO needs to get 50%.

fntc
07/1/2019
14:57
DNO not short of cash, but all that shows is that they're seen as a decent credit risk by the bank(s) that lent it to them.
thegreatgeraldo
07/1/2019
14:52
jbfnfn

DNO's cash balance at 3q (end september)was usdm 640, approx 500 mill gbp.

Since then they have received 3 more monthly payments from KRG, I estimate these to be combined usdm 180.
Expences in 4q is around usdm 100, so cash balance at year end should be approx usdm 720 (gbp 565 mill).
Payment in January will be quite high, as this is for October delivery when oil price was above 80.
i estimate this alone to be close to usd 80 mill, so cash balance the next coming days should be around usdm 760 (gbp 600 mill).

Surely this will be more than adequate to buy 20-30% more in Faroe. It is after all a requirement that DNO has enough cash to buy the remaining 70% they don't already own.

oto1
07/1/2019
14:32
Sorry, yes, meant loooking to flip. DNO should have plenty of cash, their commitments in Kurdistan are not that expensive. They could probably afford to pay 180p or so, but don’t think will have to or would want to do that
vikingbhoy
07/1/2019
14:24
Well, I think DNO has a point also when they were complaining about news flow from Faroe regarding Brasse dry well.

It's strange to read this news in media and not stated by the company.
Especially during a bid process.

I still hope that DNO rather lapses the bid than up it, but I think they may up it if needed.

oto1
07/1/2019
14:23
vikingbhoy

"not looking to flip" do you mean "looking to flip"

DNO has a lot of cash according to the latest balance sheet I can find. Presumably they also have a lot of expensive commitments in Kurdistan. If they up the bid where is the extra cash coming from? Are DNO backed directly or indirectly by the Norwegian Sovereign wealth fund? I thought the fund was getting out of oil. I assume there are many rich Norwegians with money after all these years of North Sea Oil.

I have a few of these hoping they are not taken over as I would have trouble finding a better North sea investment. SQZ maybe?

I'm just a penny punter.

jbfnfn
07/1/2019
14:01
I don’t think DNO will have to go significantly higher. 165p or so should do it, it’s enough to reward everyone who bought in anticipation of a higher bid. In that sense, FPM trading at 153-154 now is not a problem for DNO as the people buying at those prices are probably not looking to flip their shares to DNO, not hold long-term
vikingbhoy
07/1/2019
14:01
Not good as you say. Actually dont like the sound of it at all. Hmmm. Still accessing reserves, hmmm. I wondered why the rig got finished early. Still there will be enough reserves to pay out capex imho and that adds to cash flow and earlier than expected.
bomfin
07/1/2019
12:09
They'll come back with a 10% uplift to ensure they get the 50% - that's just my view but likely I'd say.
nigelpm
07/1/2019
12:00
Thanks Rogerlin. I flagged that Oda may be early a few days ago as Cassidy was drilled early and that rig did Oda development wells. Very good news. imho
bomfin
Chat Pages: 441  440  439  438  437  436  435  434  433  432  431  430  Older

Your Recent History

Delayed Upgrade Clock