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FPM Faroe Petrol.

0.00 (0.00%)
20 Jun 2024 - Closed
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 Shares Traded Last Trade
  0.00 0.00% 160.40 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
160.00 160.40
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 160.40 GBX

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Faroe Petroleum (FPM) Discussions and Chat

Faroe Petroleum Forums and Chat

Date Time Title Posts
27/11/201916:40FAROE PETROLEUM - Oil and Gas E&P in Norway, UK and Ireland2,354
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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Faroe Petroleum (FPM) Top Chat Posts

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Posted at 15/1/2019 13:55 by reseng
Ed 123 ; There are opportunities in E & P
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
Posted at 07/1/2019 16:21 by oto1

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.
Posted at 04/1/2019 12:30 by oto1

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.
Posted at 03/1/2019 09:34 by 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?
Posted at 29/12/2018 09:22 by 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.
Posted at 27/12/2018 14:46 by bountyhunter
...The reality is that the DNO Offer represents a premium of only:
-- 1% to the undisturbed three month volume weighted average share price (VWAP)(1)
-- 21% to the closing share price prior to the Offer announcement - about half the average premium paid on all UK takeovers over the last 10 years(2)

The Board notes DNO's statement that if DNO does not receive sufficient acceptances by 1 pm London time on 2 January 2019 for its Offer to be unconditional, DNO has the choice either to lapse the Offer or to extend it. This choice is DNO's alone, as was the timing for the announcement of its unsolicited Offer.

For the sake of clarity, the Board makes the following observations in relation to the Offer timetable, as established by the UK Takeover Code (the "Code"):

-- DNO has until 10 February 2019 to achieve sufficient acceptances for its offer to become unconditional

-- The Board of Faroe has until 20 January 2019 to announce material new information in relation to the Offer

-- DNO has until 27 January 2019 to improve or otherwise change its Offer, should it wish to do so

-- If the Offer at any time becomes or is declared unconditional, DNO must keep it open for acceptance for at least another 14 days

The Board of Faroe has engaged Gaffney, Cline & Associates ("GCA") to prepare an independent valuation of Faroe's assets in accordance with Rule 29 of the Code. For Code purposes, GCA's independent valuation report needs be a "current" valuation of the assets and therefore must reflect the latest available information on Faroe's assets as at the report date which will therefore include the latest Brasse East drilling results subject to completion of drilling operations. As noted above, under the Code timetable Faroe has until 20 January 2019 to announce material new information in relation to the Offer and the Board intends to publish GCA's independent valuation report ahead of this date.

The Board notes DNO's focus on recent uncertain oil and equities markets as a reason to justify its Offer. Faroe remains fully funded to pursue its near to medium term production growth target of 35,000boepd and its largest ever drilling campaign, while the additional financial flexibility created by the recent Equinor asset swap - adding GBP96 million(3) of incremental cash flow in the next two years - would allow Faroe to exploit suitable opportunities that might arise from any short term weakness in the oil price.

The Board reaffirms its previous statements that the Offer is opportunistic and substantially undervalues Faroe, and encourages all shareholders to take no action.
Posted at 27/12/2018 10:47 by 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
Posted at 24/12/2018 09:21 by oli12
I agree FPM is well positioned with a good mix of assets, ultimately the oil price is a huge driver of value here and the ability of Faroe to deliver the producing assets on time and within budget - not an easy feat as these type of projects are complex.
DNO are chancing their luck however they might get lucky based on the wider markets.

Would other holders be happy to see Faroe remain independent BUT with an share price nearer £1 (this is based on the recent fall by other oil stocks), it’s a double edged sword
Posted at 18/12/2018 10:09 by 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.
Posted at 17/12/2018 16:17 by thegreatgeraldo
17 Dec '18 - 15:56 - 1647 of 1647
0 0 0
Quite a few shares traded below the offer price today. Someone are in a hurry to sell for some reason.

....Not everybody's focused on what FPM is worth & the gap between that & the current value. An insti may have decided to cut its exposure to the resource/oil sector, maybe cutting back UK exposure. The offer provides the opp to shift a fairly large position without moving the share price against you.
Faroe Petroleum share price data is direct from the London Stock Exchange

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