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[o1lman] 06/12/2016 13:06

Faroe Petroleum plc
("Faroe", "Faroe Petroleum", the "Company")
Completion of acquisition of Norwegian production assets
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that it has completed the previously announced acquisition of interests in five Norwegian North Sea producing oil and gas fields, Ula (20%), Tambar (45%), Tambar East Unit (37.8%), Oselvar (55%) and Trym (50%) (the "Acquisition") from DONG E&P Norge AS ("Dong").
The net consideration payable at completion was approximately $26.7 million, down from the previously announced original consideration of US$70.2 million, reflecting both Economic Production from 1 January 2016, which has outperformed previous expectations and other working capital adjustments.
Remaining Proved and Probable Reserves from the acquisition as evaluated by the Company as at 1 January 2016 were 19.8mmboe net to Faroe Petroleum, while the preliminary average Economic Production for the eleven months to 1 December 2016 net to the Company was approximately 9,900 boepd. We now take this opportunity to upgrade our 2016 guidance with a narrower range from 17,000 to 18,000 boepd, including Economic Production from the Acquisition.
Graham Stewart, Chief Executive of Faroe Petroleum, commented:
"We are pleased to announce the completion of this acquisition, which broadens and strengthens our production base materially and both boosts and diversifies our profitable oil and gas production portfolio. The production from the acquired assets has exceeded our expectations for the year to date in turn reducing the final consideration amount below guidance.
"The acquisition of these producing fields creates a new strategic hub for Faroe, centered around the Ula platform, in one of our core areas offshore Norway; synergies have already been realised with the upcoming development of our Oda field, announced last week, which will be tied back subsea to Ula. This transformational deal paves the way for Faroe's evolution into a full cycle E&P business fit for the modern industry as we continue to grow the value of the Company through exploration, development and production with a high quality and diverse portfolio of assets."

[o1lman] 04/12/2016 17:50

the laggards.

[o1lman] 04/12/2016 17:40

this week's leaders

[o1lman] 30/11/2016 07:48

("Faroe", "Faroe Petroleum", the "Company")

Oda field development plan submission

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that the partners in the Oda (previously named Butch) field (licence PL 405) have submitted the plan for its Development and Operation ("PDO") to the Norwegian Ministry of Petroleum and Energy.

The Oda field (Faroe 15%) was discovered in 2011, in the Norwegian North Sea, in shallow water approximately 13 kilometres east of the producing Ula field (Faroe 20%). The proposed development will include a 4-slot seabed template with two production wells, and one water injection well, which will tie back to the Ula platform. Oil will be transported via the Norpipe system to the Teesside Terminal in the UK, while the gas will be sold at the platform to Ula for re-injection into the Ula reservoir to improve recovery.

This subsea tie-in presents an innovative solution, reusing the existing Oselvar infrastructure (Faroe 55% and operator) from the Ula platform. Production from Oselvar will cease in order to allow Oda production to commence and the Oselvar owners will be compensated accordingly.

The Oda partnership (which includes Centrica Norge (Operator 40%), Suncor Energy Norge (30%) and Aker BP (15%)) has worked over the last two years to reduce investment costs by over 40%. Expected investment has been reduced to around NOK 5.4 billion (Faroe net GBP82 million), with production scheduled to commence in 2019.

2P reserves from Oda are estimated to be 42 mmboe, of which 95% is oil and peak production is anticipated to be around 35,000 boepd (Faroe net 5,250 boepd).

[o1lman] 29/11/2016 11:43

1137 GMT Shares of Pantheon Resources are down 17% at 75.5p after the company reported inconclusive flow testing results at the VOBM No.3 well Polk County, East Texas. The operator of the well has performed a single stage fracture stimulation procedure on the well to emulate the possible benefits of horizontal drilling, but to date less than 60% of the fracture stimulation fluid has been recovered.