Faroe Petroleum Share Discussion Threads

[bountyhunter] 09/1/2019 12:12

First VPC then IAE and now FPM gone the question is what to consider next.
Equally gutted by the way this has ended but at least we got the extra 8p, but not a lot to write home about!
Already recently added to HUR Extrader. Anyone else here in AMER?

[extrader] 09/1/2019 11:54

Hi all,

Gutted to see one of the 'good guys' oilco's taken out opportunistically. Maybe some of the proceeds will resurface in HUR, which seems a little perky today.

ATB

[arcadian] 09/1/2019 11:53

The team running DNO are smooth operators. Just look at how they acquired DNO in the first place at an AGM when they ousted/outvoted the chairman et al and voted themselves in: quite a shock at the time.

Must watch out to see if and when they but HUR shares later this year.

[wbodger] 09/1/2019 11:52

There should be, tgg. All they did was what they're supposed to. But you're right, they will move on, with their Options cashed :-))

I was offered £1.60. Farewell folks, see you somewhere else.

[thegreatgeraldo] 09/1/2019 11:46

I'll pass on DNO, Kurdistan doesn't do it fot me. I'll be watching to see what the FPM team do. Not sure there's a role for all (any?) of the senior team at DNO.....

[oli12] 09/1/2019 11:39

Business is business, DNO played a good game, helped by the fall in the price of oil just at the right time.
Time to move on ... that said it’s getting harder and harder to find the next Ithaca or Faroe. ( both sold cheap some would argue) holders can buy shares in DNO in the event they still want exposure to FPM assets. Nice blog this with a good balance of posts. Thanks to all.

[hopeful holder] 09/1/2019 11:39

Regardless of how we got here, I sold this am and dissappointed having to do so.DNO played a great game and k wpildnr like to be on the receiving end again of their approaches.Shame for the FPM directors who have done a great job to date.I wish them all the very best going forwards

[oto1] 09/1/2019 11:35

There is absolutely nothing wrong with DNO, and the way they have done this.

They got the 28%, and then they tried to get a serious discussion with the Faroe board and 2 seats at the board.

All declined, and that is normally not how You treat Your employer.

So this has been a "game" from the start getting as much exit money as possible, instead of what could have been a nice merger between Faroe and DNO Norway, keeping the UK listing.

Now the companies will be merged, and at some stage reappear on Oslo Stock Exchange as DNO Norway.

Maybe it will be easier for UK citizens to buy shares at OSE in the future, as the exchange is now for sale.
But that will be without most of the current management in Faroe.

I assume they already have plans to start up something new.
They get quite a good start st least with the approx 50 mill gbp option money they now can cash in.

For the Norwegian shareholders in Faroe I know where I would put my money.
Register on sjatten.no if You're interested in the continuing discussions we have regarding DNO.

All the best to all, as I will leave this chat now and again focus on my portfolio.

[thegreatgeraldo] 09/1/2019 11:04

Ed, DNO have done well by their shareholders.... they've got Faroe for around 145p (taking into acccount the slug they bought at 125p)

[hashertu] 09/1/2019 10:59

Ed123.

I am with you on all your comments made in the second para.

[ed 123] 09/1/2019 10:58

Almost as an aside, I've seen a report that Cantor Fitzgerald have issued a buy note on Faroe today with a target of 195p. That would have been before Faroe's capitulation, but the point I would make is that brokers often have unrealistically high share price targets.

[ed 123] 09/1/2019 10:51

Yep, it's gone.

Weighing all the circumstances, it looks a fair price. I was holding when it dropped to about 45p, and through the placings. I liked the management, approachable and provided regular updates to private investors. Time has been called.

I would consider investing again with Graham Stewart and colleagues, if they were to begin or join a fresh enterprise. Opposite with DNO, for me, a big avoid.

[wbodger] 09/1/2019 10:48

Accordingly, the Board now recommends that, given the Final Offer will become wholly unconditional, shareholders should accept the Final Offer, as Faroe directors intend to do in respect of their own beneficial holdings.

(Or sell in the market and get paid quickly.)

[gersemi] 09/1/2019 10:36

RNS - offer accepted

Bye bye Faroe. It's been...frustrating

[arcadian] 09/1/2019 10:30

Did they get a P2 bargain?

[oto1] 09/1/2019 09:15

Ah 11'th. So 16 dsys then.
Whst a difference..

[thedudie] 09/1/2019 09:12

Doh ... Expected to Go unconditional 11th Oto !

[thedudie] 09/1/2019 09:11

Very disappointing ... I hope it hurts/is embarrassing for those institutional investors that sold out at £1.25 because without the 28% platform this wouldn't have succeeded.
Many will sell when this goes unconditional - in fact this is the default position of many brokers (including mine) unless re-instructed.

[oto1] 09/1/2019 09:08

Redartbmud

I'll challenge You on an IQ test any time..

The offer will go unconditional tomorrow as stated in the press release, and then there will ba an (at least) 14 days period to accept.

End of story (and takeover code).

If DNO reaches 75% then they will seek to delist as mentioned in earlier releases.
If they get 75% in the 15 day period that follows from today remains to be seen.

I believe they will.

[redartbmud] 09/1/2019 09:02

oto

IF you had any sort of brain, or intelligence, you would understand that Dno is locked into UK Takeover Rules.
There is a set format and timetable that will be adhered to!
Your deranged rantings cannot change that.

[jbfnfn] 09/1/2019 09:02

160p is too cheap for these.

It's a familiar AIM story just when you find some assets with a decent upside someone comes along and takes them on the cheap.

At least the management put up a bit of a fight.

[oto1] 09/1/2019 08:49

Still appears that DNO is buying at 160p OTC.

Kind gesture for those who want to have the cash quickly while there is still cheap alternatives.

When they acquire Blackrock shares this should bring the holding above 60%, and now I believe they may be close to 70% end of day.

And delisting is approaching fast.

[redartbmud] 09/1/2019 08:44

There it was, going, going, gone:-(

[redartbmud] 09/1/2019 08:41

DNO NOW OWNS OR HAS ACCEPTANCES FOR 52.44 PERCENT OF FAROE

Oslo, 9 January 2019 - DNO ASA ("DNO"), the Norwegian oil and gas operator, announces that it has acquired a further 32,250,916 Faroe Shares, in aggregate representing approximately 8.65 percent of the ordinary share capital of Faroe Petroleum plc ("Faroe") in issue on the date of this announcement for 160 pence per Faroe Share (the "Additional Purchases").

As a result of the Additional Purchases, DNO now owns or has acceptances for a total of 195,526,068 Faroe Shares, representing approximately 52.44 percent of the ordinary issued share capital of Faroe.

[oto1] 09/1/2019 08:20

Harry Rags

In the very unlikely event that there is a competetive bid, DNO has reserved the right to match that.

If so i don't think they will. I then believe they will cash in the profit and look elsewhere.

But no chance that there will be any competing offer. Then I will be shocked..