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Private shareholders won't have any say http://www.fp.fo/investors/major-shareholders/ Just be glad for the crumbs
Tipped FPM as a buy today
Just noted the delayed trades from the 15th amounting to over 5m shares. If that's Delek we will know soon enough via a holdings RNS. The falling POO will make any takeover easier for them as the SP falls back. Let's see what their next move is.
Yes rns very positive with increase to £113 mill cash - but the SP has been hit by POO today - drop of 2% at one point and into bear territory - I guess that OPEC will cut production further to protect the price but who knows and anyway they only control a certain amount so only limited control. The good thing is Delek should buy more if it drops to low 80s and increase their holding - all looking good but DYOR
Did anyone attend today? I've been before however i'm currently out of the country. Thought this mornings update was positive especially the cash position. Wonder if the Delek shareholding was raised / discussed. I know previously the CEO commented on this in an interview earlier this year.
You cannot ignore the fact that management have taken this from a £50-70 Million company to over £300m now. Its a crying shame that Institutional Investors and long term shareholders have not seen this reflected in the share price since 2008. I have always had a core holding from 2008/2009 - which I might add is still underwater Yes FPM has climbed to +200p a couple of times, whereupon I top sliced and have added at opportunistic times (recently in mid 50's) - but it always seems to be jam tomorrow with this company. I can understand why KNOC sold - and am hopeful re Delek - although I suspect they were just protecting the investment at sub 84p. and yes I did add myself. If this sounds negative - its not in any way meant that way - just a perspective of how my FPM investment has gone - although its a significant holding now. I'm still optimistic, but when I review how FPM has done against my Investment Trusts !!! GLA - Perhaps Delek will drive FPM to greater things and an increase in SP.
Thank you all for your posts on FPM. This board is typically very quiet! The quality of the posts here is little but good. Please let's keep the posts professional. I was invested in IAE. I am invested in this company. I will double my holding if the price gets near 80; a good chance with Brent prices in decline. The board are 'Premier Division', make smart tax efficient exploration decisions and the balance sheet is extremely strong with considerable cash. Delek will try to acquire this company. Happy investing Bean
Whilst DELEK stake is interesting regarding a possible future bid, FAROE at this price with recent Brasse well discovery and forecast future production growth offers good value for investment medium to long term. AGM will shed more light on future strategy and profitability.
From 30 May-17 'Delek’s recent takeover of Aberdeen-based Ithaca Energy valued the acquired company at around £1billion. In March, Delek revealed it was already eyeing new acquisition targets in the North Sea.' https://www.rms-recruitment.co.uk/2017/05/delek-boss-says-firm-will-become-global-player/
MIrabeau read all my posts. My last post that you have read in isolation was aimed to give a balanced view as some thought that my strong opinion that Delek wants to take over Faroe was too one sided. The post you read was my attempt to say there is NO guarantee that Delek will want to buy alll of Faroe I was adding balance. In reality we agree IMO Delek will take this over as it's a great fit for them.
OLI12 Your argument doesn't make any sense. Why would Delek buy 15% of FPM? Delek is an oil producer and explorer. Delek is not a fund manager or investment fund who buy stocks as an investment but they buy COMPANIES that will at some point in the future afford them operational expansion. Is that too difficult for you to understand? The Delek CEO has already stated they intend to expand their presence in the North Sea. They then buy another % block to increase their FPM stake to over 15%.
Your point is very valid Liam there is always more than one point of view. There is no certainty that Delek will want to take over Faroe. Dana Petroleum never did (the previous owner of the majority of Deleks holding) When Dana petroleum was taken over by KNOC in 2010 they had no interest in also acquiring more of Faroe. One mans gold is another mans treasure. I think any would be investor reading here has a balanced view point. DYO research.
Hi OLI12 your clarification is appreciated of course its up to everyone to do there own research however some are not as dedicated as your good self and take statements at face value, so thats way i think its no harm to put IMO and DYOR in every now and then . As for ramping repeating a similar line ie delek takeover on almost every second post could i'm afraid be construed as ramping of sorts of course a way around this again is the aforemeentioned IMO DYOR, Not getting at you just making people aware particulary the less informed that things need to be fully researched before taking the plunge.
Princeofdarkness.... one could be accused of ramping however i interpret the Delek situation the same way as you do. That's not a suggestion anybody goes out and buys shares in Faroe Liam. It's hard to put a value on Faroe as a lot of the Ithaca Energy investors thought Delek stole the company from them for peanuts (their opinion) that said enough of them accepted the offer . Delek paid £517m for Ithaca but it had circa £450m of debt as well. Ithaca was producing around 9000 boepd however this was expected to rise to 20,000 boepd from its primary asset the Stella Field. (Please check my numbers don't rely on them). Faroe currently has a market cap of £331m it had circa £100m in the bank at the start of 2017 and no debt. Production to March 2017 was around 16,000 boepd and guidance for the year is 13,000 - 15,000 boepd. The board expects Faroe to be producing 40,000 - 50,000 boepd within the next 5 years ( their opinion) see final results released March 2017 for numbers. SO even if Faroe is considered less attractive than Ithaca surely in terms of assets (this could be disputed) then a price of £700m or £2 per share would be considered realistic. No wonder Delek are buying! I would expect the board to fight any attempt to take this over for less. DYOR.
You are quite right , the very fact you give any opinion means exactly that - it is in your opinion - I agree that Delek with lots of cash to spend and with intentions to purchase other companies in the North Sea is a strong indicator they are building up an offer - I have been through their online accounts in detail and IMO they will make a move at some point and I will continue to add whenever the mms mark down the price - oil may well increase in price towards the end of year - there have been some big wagers on it , so let's wait and see.
It's obvious it's IMO - I am writing it, anyone unable to grasp that shouldn't be investing in stocks. If it were not my opinion I would be using quotation marks. It would be completely insane to take a position in any share based on the opinion of others alone without first doing some research and due diligence. The word "ramping" Liam's opinion is used too loosely on these blogs. The majority of posts will fit into the "ramping" or "de ramping" catagories. Naturally the above is IN MY OPINION in the event it is not abundantly clear.
stop ramping and use IMO once in a while
Well seems a no brainer. Delek have cash to spend and are looking to acquire North Sea oil / gas assets. This fits perfectly with Ithaca Energys assets that they just bought. This is so undervalued when you consider the assets both producing and under exploration, the cash and lack of debt. Anything below £1 and you will be laughing in a few months.
Just done likewise. The Delek link is interesting.
Should have really added to previous post the Brasse discovery to Faroe will be extremely important as they are 50% owners and operators of the field all bodes well for 2018.
Held these for about 5 years but starting to get very interesting, new finds, production growing, and DELEK increasing their holding, time to double up.
'On Ithaca's operations side, the startup of the Great Stella Area commenced production in mid-February 2017. Ithaca's 2017 production is anticipated to be in the range of 19,000 to 22,000 barrels of oil equivalents per day. I would like to highlight that the process does not end here and we continue to look for synergistic and strategic opportunities, especially in the North America and in the North Sea.'
Added myself and now have way to many..... happy to let Delek make me an offer I can't refuse.
They must be buying more. Great assets here...well run and £100 in cash. They snapped up Ithaca for peanuts even based on that price this is worth £1.50 minimum probably £2 if we are being serious.
Come on if that won't get people talking about this then nothing will. Don't let Delek take this over for peanuts like it did with Ithaca.