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 Shares Traded Last Trade
  +0.00p +0.00% 160.40p 0 01:00:00
Bid Price Offer Price High Price Low Price Open Price
160.00p 160.40p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 152.92 -13.74 -3.10 598.1

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Date Time Title Posts
05/2/201914:00FAROE PETROLEUM - Oil and Gas E&P in Norway, UK and Ireland2,345
04/7/201817:04FAROE PETROLEUM - Big Exploration Acreage - Big upside?8,088
19/2/201510:51L2 - Observations, comments and screenshots1
15/8/201408:49BUY in Faroe Petroleum(FPM)1

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ed 123: 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. :-)
oto1: 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: Thegreatgeraldo From my point of view DNO would be the first obvious choice.. I value the share to 25-30 nok, current share price around 14. SPM1 analyst yesterday said approx the same, naming akerbp and Lundin as alternatives. I'm not to familiar with uk market, but Genel would be a possibility and possibly also GKP. My point is that expecting full market value today is over the top. As a DNO shareholder I would be very disappointed if DNO bought a company at a price where the upside is close to none, and downside is 50%. I really hope they stick at 152 as DNO will earn loads of money anywsy if oil price again goes to 70.
redartbmud: When a bidder obtains 30%, or more, of the target company's share price, it is obliged to 'bid for the whole share capital of that company' - it becomes a mandatory offer. In all reality just a technical point in the process. They started with 28% and bits, so it was inevitable they would breach 30%+ The question is whether they want to stick at 43%, and maybe see the share price pull back if/when the bid fails. They would have to fund a holding that continues to be an expense (no dividend!) until they can sell (at a loss?) or bid again in 12 months time. DNO board must be under a bit of pressure now. Will they blink first?
bountyhunter: That's not all that unusual Oto and the way I see it is that if the FPM BoD weren't highly confident that the share price will comfortably exceed 152p before too long given prospects and the target of 35-50k boepd then they would have caved in long ago. ...and clearly DNO also see the value here or why bother. I can't see many other FPM equivalents out their at the moment and clearly DNO can't either given their tactics which smack of desperation.
harry rags: 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: Without DNO buying the 28% stake in the first move with a 205 premium, and the offer with another 25% premium, I believe the share price of Faroe today would be around 100p. And if DNO drops the offer the share price will drop rapidly 20-40%. And then all the 200p dreamers will regret they didn't sell and start hoping of 130p instead. I REALLY hope DNO buys the shares offered, drops the bid, and spend time on this takeover.
bountyhunter: 12 December 2018 Faroe Petroleum plc (the "Company" or "Faroe") Statement regarding Offer by DNO ASA ("DNO") The Board of Faroe (the "Board", "we") notes the announcement made by DNO today of the posting of an offer document containing the full terms and conditions of its unsolicited offer for the entire issued and to be issued share capital of Faroe not already owned by DNO at 152p per share in cash (the "Offer"), which follows DNO's announcement on 26 November 2018 pursuant to Rule 2.7 of City Code on Takeovers and Mergers (the "Takeover Code"). The Board reaffirms its previous statement that the Offer is opportunistic and substantially undervalues Faroe, and encourages all shareholders to take no action. Furthermore, the Board believes that DNO's offer document contains no substantial new information or arguments to support its Offer. DNO's opportunistic Offer seeks to exploit the recent oil price fall to acquire Faroe on the cheap The Offer price of 152p per share represents a: -- premium of only 21% to the closing share price prior to the Offer announcement, which is about half the average premium paid on all UK takeovers over the last 10 years;(1) -- premium of only 1% to the three month volume weighted average share price (VWAP) prior to the Offer announcement;(2) o DNO's presentation of the premium that it is offering with reference to Faroe's share price on 3 April fails to recognise the significant achievements the Company has delivered since then, including the Iris/Hades and Agar discoveries and the recently announced Equinor asset swap; and -- discount of c.45% to the average price paid recently for comparable North Sea (in particular, Norwegian Continental Shelf) portfolios measured on a per barrel of 2P reserves basis.(3) DNO's unsolicited Offer ignores Faroe management's proven track record and the Company's exciting independent future, which has been further enhanced by the recently announced Equinor asset swap -- Faroe has one of the best exploration track records on the NCS. In the last 12 months alone Faroe has drilled three exploration wells and made two commercial discoveries: Iris/Hades and Agar. Iris/Hades is one of the world's largest discoveries in the year to date; -- Faroe is currently in the midst of the largest drilling campaign in its history with two exploration wells ongoing (Brasse East and Cassidy), four committed exploration & appraisal wells (Pabow, Iris/Hades appraisal, Snadd Outer Outer/Cape Vulture and Bergknapp) and a further five wells being planned (Agar appraisal, Alpha, SE Tor/Gomez, Canela and Brasse Extension) in the next 12-15 months; and -- The recently announced asset swap with Equinor clearly demonstrates the value your Company creates through active portfolio management, as it has previously done with: o the acquisition of DONG E&P's Norwegian assets in 2016, which boosted Faroe's production base and created a new strategic hub around the Ula platform; and o the Petoro asset swap in 2011, in which Faroe swapped its interest in Maria within 18 months of its discovery for a high quality production portfolio. The Board believes DNO's criticisms of Faroe are unfounded and purely a tactic to distract from the simple fact that its Offer substantially undervalues the Company -- DNO has criticised Faroe's share price performance, financial flexibility, remuneration policy and corporate governance. The Board believes these criticisms are wholly without substance noting that: o Faroe's share price has outperformed the FTSE AIM Oil & Gas Index and Brent price over the three year period up to 3 April 2018 (the day before DNO announced its first acquisition of Faroe shares) and 23 November 2018 (the day before DNO's Offer announcement); o Faroe has a robust balance sheet that has been further strengthened by the recently announced Equinor asset swap which allows the Board to give careful consideration to the optimal mix of reinvestment in the existing portfolio, potential M&A opportunities and returning capital to shareholders following completion of the Equinor transaction; o Faroe's remuneration policy is in line with its UK E&P peers and at this year's AGM, with the exception of DNO, the Directors Remuneration Report was approved by 99.9% of other shareholders who voted; and o Faroe is widely recognised for its strong corporate governance culture in line with UK corporate governance best practice. John Bentley, Non-Executive Chairman of Faroe, commented: "DNO's highly opportunistic offer is not only at a substantial discount to the value of the Company but also at a substantial discount to comparable portfolio transactions and a substantial discount to the average of all UK takeovers in the last 10 years. Faroe is widely regarded as one of the pre-eminent North Sea E&P companies with a high quality, full cycle and diversified asset base and a management team that, time and again, has demonstrated its ability to create value through exploration and active portfolio management. As such, Faroe would solve DNO's strategic challenges and Faroe shareholders should receive an appropriate premium which is not currently reflected in DNO's Offer." The Board of Faroe will write to shareholders with its detailed views on the Offer in due course. In the meantime, Faroe shareholders are strongly urged to take no action in relation to their Faroe shares. - Ends -
ed 123: Had a quick look over my shoulder. Since the oil price lows of 2016, the share price growth of Faroe and DNO has been virtually identical. I don't think DNO shares will be welcome in any bid, unless at a generous premium. Faroe's planned production growth should see its share price continue to grow (assuming the oil price holds up). (Happier head today.)
bountyhunter: #1153 The share price has risen due to positive newsflow and the increasing oil price as well as the possibility of a bid, which is why DNO could possibly be successful with just a 33% premium rather than the more usual 40%. FPM will do just fine without DNO in the medium to long term so I'm not at all fussed if DNO don't come up with a decent bid and the share price drops back a little. If FPM didn't have potential then DNO wouldn't be interested - I'm very happy to keep my holding here for the longer term and have every confidence in the current FPM management BoD to significantly increase shareholder value medium to long term regardless of any short-term DNO blip. By the way I'm not implying that FPM shouldn't have a working relationship with DNO provided DNO can accept that they are not about to be handed the company on the cheap.
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