Faroe Petroleum Share Discussion Threads

[bountyhunter] 16/1/2019 07:36

"As DNO has, by virtue of its acceptances of the Final Offer, acquired or agreed to acquire Faroe Shares representing at least 75 per cent. of the voting rights of Faroe, Faroe confirms that the 20 Business Day notice period for the cancellation of the admission to trading on AIM of Faroe Shares (the "Cancellation") has commenced. The Cancellation is expected to take effect at 7.00 a.m. on 14 February 2019."
(from today's RNS)

[asherspoodles] 15/1/2019 17:48

This is a special situationWestern Zagros sold their puddle next door to Gulf last year at $22 bucks per 2pThat would be AT LEAST £ 75 per SHARE for GKP 😊NO WONDER THEIR ARE SO Many BLOG headcases TRYING TO MUG RETAIL OUTTAKEOVER IMMINENTLY ANNOUNCED===============================T/O VALUE PER SHARE £ 40 minGKP have used Citigroup their investment bankers to buy back stock to retire it:BUYING BACK IN say 25% CONCENTRATES HOLDERS profits,at T/O, BY 33%This what FD SAMI means by "OPTIMISING CAPITAL STRUCTURE "Gulf subject too Bermudan M + A law, agree a conditional SALE over a year ago .NO RNS REQ UNTIL FORMAL COMPLETION."IMPLEMENTATION AGREEMENT " standard legal format ithis jurisdiction, exclusivity to buyer whilst they did OVER 18 MONTHS TECHNICAL due diligence on ShaikanGkp placed the company into a "holding pattern" hence no material changes in operations:SOME OF SHAIKAN Chinese technical DD can be seen here:

[ed 123] 15/1/2019 17:30

Thanks, ResEng, for the additional background on DNO. :-)

Oil company investments? Recently brokers have been lowering their share price targets for oil companies, to reflect the lower Brent price. Therefore, for the sector, I don't see any near term prospect of a significant rise. The weakening of global growth is preventing (for now) a rise in the oil price. Having said that, there are some special situations which my put a shine on some individual oil companies.

Overall, I am a bit cautious at this point in time - (US trade war with China, global growth rate declining and possibly going to affect US, US stock market possibly to fall further in 2019? - which would take down other markets).

Watching and waiting for now.

Good luck with DNO and your other investments. :-)

[reseng] 15/1/2019 13:55

Ed 123 ; There are opportunities in E & P
Sector.
I bought a whole bunch of DNO in Dec at av 12,5 as I knew DNO would succeed. The ceo is a New yorker and has good track record . It could not have been a pure coincidence that offer came out when .He Building up Apache using some M&A about 15 yrs ago, also established his company RAK as largest shareholder in DNO in a similar forceful manner. Although DNO has most of production in KRG Iraq where there are complicate regional politics(understatement) this is to a good extent balanced out by a common need for income. I have read some excellent articles by US agencies Iraq political experts which map out the intertwinned relationships For example Turkey has major investment and income for the oil ezports from DNO fields so they have a binding interest to keep the pipelines open. I mention this because E&P investors get a lot of «one liners» from journalists and lazy Analysts which blurr the picture. DNO share price is in the kr15 band now and Faroe not really priced into this.

Regarding the FPM top management starting up again and investor support. I have seen this a few times with the smaller Indies and it has gone well. The good FPM track record will definately attract investors, particularly institutional. Success will also attract m&A Which is not a bad condition to live with !!
Good luck with that and lets see oil up in the 70’s and more drilling activity in North Sea

[ed 123] 15/1/2019 12:44

Yes, DNO's buy of Faroe was for risk reduction. Though, I guess if DNO had been someone's chosen high risk share punt, then to get it diluted by the addition of Faroe may not have suited?

The overall strategy played out well for DNO, 'gambling' with Kurdistan gave them enough firepower to expand into a safer geography.

What next for DNO? Maybe spend 2 years reducing debt and working through Faroe's assets, then time for another takeover?

[fntc] 15/1/2019 12:13

I think most DNO shareholders seem to think it was an OK deal. Analysts like that it gives DNO some reduced overall risk.

[ed 123] 15/1/2019 12:08

(Yes, Bountyhunter, it's likely DNO will want to mop up all shares - but no guarantee.)

You may be right, FNTC, possibly just being moved out of the stated indices for now?

Delisting should happen at some point soon, though, as DNO have stated they will do that.

Anyway, I just thought it was worth flagging up, so that nobody sleepwalked into a difficult situation.

While writing, FNTC, are DNO's private investors generally happy with the choice of Faroe and the price paid? Fwiw, I was happy enough with the final price, as a former Faroe holder. If DNO hadn't come in for the Delek shares, then maybe Faroe would be around 110p now? So perhaps it was fair all round?

[bountyhunter] 15/1/2019 11:32

from AIM surely after which no longer tradeable, although when DNO have >90% they will surely compulsarily purchase the rest at 160 in any case as is normal procedure in takeovers
imho dyor nai fwiw lol

[fntc] 15/1/2019 11:27

Wasn't that notification about delisting from the indices, not the whole exchange?

[ed 123] 15/1/2019 11:22

Probably anyone reading this board is going to be alert enough to the pending change, but just in case ...

Faroe's shares are set to de-list as from 17 January. Any remaining holders have a day and a half to sell before the shares go off-market.



Good luck to all.

[bountyhunter] 15/1/2019 10:58

One to look out for..

He would be “surprisedR21; if he and other members of the Faroe management team did not start another exploration and production business, he added.

Just read the article using my own tips in an earlier post but on the Hurricane BB. Sorry no time to locate and repost now but if you search my posts on HUR you can find it.

[hopeful holder] 15/1/2019 10:58

I cant see the write up but would love them to get cracking again.

[rogerlin] 14/1/2019 16:20

Weekend FT suggests they might seek to start again.

[redartbmud] 11/1/2019 17:10

I don't blame them. Best to jump before you are pushed. They are taking away a very good leaving bonus.
DNO will have the transition asap to retain continuity. That is not detracting from the job done by the rest of the management and employees.
Losing key personnel can be very expensive, and very disruptive, in the short term.

I would really like to see a massive downgrade in the assets, following the latest statement. After all, DNO rubbished the credibility. Maybe they deserve what they said in their statements, issued over the course of the bid. Just deserts and all that...

[harry rags] 11/1/2019 16:51

Directors resigned ( not a surprise) they may not be the last to go from Faroe

[bountyhunter] 10/1/2019 21:21

Didn't see DNO referencing that chart lol!
I would have put it in the thread header if it wasn't all over.

[jskabo] 10/1/2019 21:18

FPM vs. FTSE 350 O&G producers index - 3 years

FPM -- +205%
NMX0530 -- +73%

[fntc] 10/1/2019 17:15

During those 3 months DNO was already the largest shareholder and the market expected a bid.

[binarypilot] 10/1/2019 13:06

Hermana from an offical RNS from Faroe.

If you want to dispute these facts, please take it up with the FSA.



"The Offer price of 152p per share represents a premium of just 1% to Faroe's 3-month VWAP and only 21% to Faroe's closing share price on 23 November 2018"

[binarypilot] 10/1/2019 13:02

hermana.

er... no.

[bountyhunter] 10/1/2019 08:30

hermana3 - 10 Jan 2019 - 08:15:04 - 56939 of 56940
Dana takeover of Faroe is a done deal. Holders there moaning of being mugged but Dana have played a masterclass on squeezing a deal with a co. with an undervalued share price. Such a divide and conquer approach could happen here at anytime too....


DANA ?????

[hermana3] 10/1/2019 08:11

Binary, Was 105p before bid so how is 160p being mugged?

[binarypilot] 10/1/2019 08:06

First Ithaca and now this.

I've been mugged twice now for my shares, having to give away for much less than their worth.

Very frutrating.