We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Whilst DELEK holding is interesting we should not get to hung up on it, the real long term play is the development of this business who ever owns it and at present that is mainly the institutional players who have supported the growth so far buying shares on rights issues at £1.20 and £1.60 and IMO can see the revenues of FAROE growing to over a Billion dollars a year in the next 5 years, just do the maths of already planned production increases and the development of the Brasse field at current oil prices. What's this business worth well in my opinion double or even triple today's share price and I am sure DELEK are in it for the long term.
This didn't go up a bit more purely on the back of the improving oil price. Is it now a week since the gargantuan trade, over 53m, showed up. And still no TR1? That really is a poor show, and I expected better from a respectable company like Faroe. I've seen it before, huge trades, with no accompanying TR1, but that's down in the dregs of AIM. I'm going to contact the company to express my dissatisfaction.
Remember this oil find was the biggest find in the Norwegian sector in 2016 and the sidetracks have improved it further with Faroe being 50% owner and operator, also with the added benefit of being close to Brage field and Statoil's investment on infrastructure.
Brasse sidetrack has added further improvements to the medium to longer term prospects with this field alone on forecasts of 30,000 bopd at todays oil price accounting for revenues of $1.5 million per day when comes on stream. Still think IMO the share price at present is well undervalued and have added significantly more to my portfolio but not quite at RNS stage yet. Guess some of the big off book trades to late are MM's moving shares around and is why no RNS has been made. but you never know we may see one shortly on holdings.
Very promising update with a somewhat muted reaction SP wise. Very strange that we have still not had a holdings rns to update on who's got what now - I thought it was a legal requirement after a couple of days grace. Btw - no reply from Faroe re my email - no surprise there then. I'm really at a loss as to what's going on.
Yes, a great update. And Brent back over $50 with repeated heavy draws on reserves. Which begs the question, why would anyone have been selling before this? It strikes me that it would be petulant of Delek to sell out at a loss if a takeover proposal was rebuffed. And they don't seem like a petulant outfit when it comes to money. Careful and prudent more like. Delek want to float in London. I wouldn't be averse to taking that Delek stock for a fpm merger.
Great update, for long term holders it seems like Brasse will be a big one for Faroe.
Brasse side track result due shortly Holdings RNS following the recent large unaccounted for transactions Possible move by Delek for a hostile takeover. Any one of the above or a combination could hit any day now.
My guess is that JP Morgan and Fidelity are selling and Delek and black rock buying them up - maybe some sort of deal going on ( it definitely happens) - I have emailed Faroe directly with a couple of general questions so may shed some light ( but probably not). There will have to be some rns clarification this week. I'm still buying in small amounts as strongly feel that bar a rights issue all will come good.
Major Thomas DANA sold their shares in Faroe last year to Delek. To the best of my knowledge they no longer own shares in Faroe. Maybe these large off the book trades are just institutions moving shares about - the 3m trade this AM was mirrored later by another. Time will tell. Delek selling would be a shock however I have seen stranger things.
Whilst the loss, if they choose to exit at this point, would be chicken feed to Dellek, IMO there is no way Delek would exit at a loss. There simply is no need for them to accept such a loss. They know that they could just wait it out for the production increases or oil price recovery to enable their exit without the loss. I doubt Delek are in the game of buying high and selling low. The very fact that Delek were recently adding to their holding, Delek added 7.3m shares on the 15th of June at around 87.5p, tells me that these high volumes of shares traded over the last week or so is not Delek exiting. I personally believe that Delek will more than likely be adding to their holding. This leaves the question, who is selling? IMO it can only be DANA. They are the only other party with a substantial enough holding and may well be willing to accept the reduced price with the Capex drains of their ongoing Western Isles project. Time will tell. The TR1's will let us know.
Yes I saw the big trade. I can't understand why Delek would sell now, even if they have made a takeover bid and been frustrated. They are awash with cash, and could comfortably sit on their FPM holding while pursuing other targets. Without an RNS we're in the dark on who's selling and who's buying. Would appreciate some clarity now.
Another 3m shares traded this morning. Some good discussion on the A D V F N board about FPM and prospects.
If Delek have sold, then the market has absorbed almost 54m shares, which has brought the sp to mid70s. With the big seller almost clear, this must be close to the bottom - although it probably will lurch down for a short while if Delek confirm they've sold. If Delek have been buying, they must be at 29.9%. On the brink. Either way, I regard this as positive for FPM by Sept.
It was on the London Stock Exchange site Colonel Drake. Volume (order book) 674,883; volume (off book) 53,735,525. I've got a screen grab. There are several days grace before TR1s have to be filed. Something may come through later today, or maybe next week.
It is trading like a sick dog, but it is not a sick dog. I suspect that Delek came in with a low ball bid and were rejected, and have been selling out. But we will probably never know. The london stock exchange, on the summary page for FPM, has a link to a file of intraday off order book trades. Unfortunately, when I toggle it, it won't load. If anyone is interested, and can actually open it, I'd be very grateful if they could post a summary.
Well, I hope this disclosure mans that the seller has finally cleared. If it is Delek clearing off, the sp should rerate to a more realistic value. Wonder if there'll be news tomorrow?
As I have said many times before at these prices irrespective of the DELEK situation, with the prospects being very good on future production development, strong licence portfolio, and a proven management team IMO this offers excellent medium to long term investment opportunity. Will be adding more shares as I believe the current share price does not reflect the real potential value of the business especially if oil price recovers further but DYOR.
with buying and selling trades matched up you can at least divide total by 2 for number of shares a single party has traded in and may even have a broker involved. I believe the shares not held in public hands excluding directors is the DELEK holding ?.
Delek selling would explain the sustained weakness in the SP. the fall here despite the strong fundamentals, POO and cash is over done IMO. I think Delek would want in here it's a great fit to Ithacas assets however maybe they were firmly rebuffed by the BoD and thus decided to sell ... stranger things have happened. Either way an explanation will be forthcoming..
53.693m trades off book today. Never seen anything like that before. If it's Delek buying, they must be around the threshold for a formal hostile takeover. If it's them selling, its almost their entire stake. The only other holding of comparable size is the mysterious 55.355 'other shares not held in public hands'.
25% slide in 3 months - that is not down to POO imo but beginning to smell like it or something fishier!! Have fundamentals changed? imo no. Agree there is something going on and know not what at present....holding.
Some movement still occurring between the larger holders here. 53m shares is over 16% of the companys share capital.
Have changed hands this AM. Something going on.
Look at the volume from yesterday PM. Something brewing