Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Never say never - BG offer out the blue - so activity is going on and Faroe are very strong - have added some more myself as long term prospects are good and there is always that chance of takeover/merger.
Shares Mag gave it a thumbs up in their Oil&Gas suplement this week.
as far as shorting this goes, FPM is probably top candidate for takeover at this level. Cleary merger activity is a little muted until some clarity unmists, but activity will happen at some stage and it will be swift.
Agree that it's worth reading the whole rns. It may well be that oil is not currently a good bet, but some exposure to oil is advisable at these prices. Hedged at $89 through 2015, cash, loan facility and an exciting exploration year ahead. I dont think you need to look far to find better shorts Alexios, but good luck!
Current Brent $55.6 Loss making at current Brent "Faroe aims to be cash-neutral in 2015 at an average Brent oil price of $60/bbl" SHORT
Thanks
making money on here, the only one in my basket this year.
The short answer is Yes IMO - The results should be as expected - Faroe is in a much better position than most oil companies in that it has cash in the bank of some £70 m with a £150m banking facility(available loan funds) to fund its drilling operations. It already produces some 8/9 K bopd (some already hedged at highish prices)and has many projects (in partnerships mainly) on the go. They are all off Norway or Britain ,so no political problems, and Norway subsidise a big percentage of exploration costs. Its production costs are very low compared to others. So as a longish punt(bearing in mind volatile crude prices) its a yes.(from me anyway)
I'm new to Faroe, results are out on Tuesday. Is this expected to be positive???
Well, here we go for this years installment. Total to commence drilling (40% Operator) in March. Difficult times when any bad news adversely effects the share price - any one know the CoS on this one?
Study ongoing for Pil.Bue & Snilehorn tie in to Norde. All good news and grist to the mill
This morning..... lot to like here IMO :) GLA :)
I see the 20/50 moving averages now in a upward projection,all looks very bullish
Thought PMG might be a good long term tip.
http://tinyurl.com/ogk9593 Jamal Orazbayeva, oil and gas research analyst at Westhouse Securities, suggests investors opt for exploration and production stocks that have short-term protection from lower oil prices, but also catalysts that could spark a share price surge. Her top three picks are Genel Energy (LON:GENL), Ithaca Energy (LON:IAE) and Faroe Petroleum (LON:FPM), but she is wary of debt-laden Afren (LON:AFR
“On an operational level, 2014 delivered excellent progress for the business with sustained production coming in at the upper end of expectations/guidance, significant exploration success at the Pil and Bue wells and the acquisition of the Schooner & Ketch gas fields. Our Norwegian position is now one of the most significant of any UK independent E&P company and, despite challenging market conditions, the Company is set for 2015 to be another year of growth, with an exciting and fully-funded drilling programme of low cost, high impact exploration wells. “With the current low oil price environment, there is much focus on both cost and financial strength. Faroe is particularly robust despite low oil prices, due to a combination of factors, including: our significant cash position and substantially undrawn debt facilities; sustained cash flow from Faroe's balanced oil and gas production and, following the sale in 2014 of our interest in Glenlivet, the absence of any substantial development capital commitments in 2015. Faroe is well placed to consider capitalising on potentially attractive asset opportunities which may become available in the period ahead.” Wish I had more to invest here
Big year ahead, i would be surprised to see the share price still under £1 come Christmas!
I thought 107p was a bargain at the end of September - I've since sold at a much higher price than today's and banked a loss. Surely FPM must be a takeover target at this price? But I think I will wait until it's bounced 10% - oil company SPs could be heading into uncharted waters.
Just banked 10 mil from Total purc of glenlivet. Better knock that off the value of the company!
Next year will be transformational. Will need to be. There ae quite a few in that bracket. Another broker cuts target to £1.5 which is pretty daft for E&P company like Faroe. We dont know where the oil price will be, what demand willbe or what supply will be. So how on earth any broker knows what the price will be is ridiculous. As a target all things being set fair on price, demand, and success with the drill bit, i would be looking for multiples of today's sp. £1.50 would be a lucky strike at takeover which i doubt would be successful. IMO
I tend to agree with the Commercial Manager. It is reassuring to see directors buying in with their own money at market price. Which although the percentage is lower than I'd realised, they have been regular buyers and not selling even when they raced up to £2.4 a few years back. The fact is sea exploration and production are expensive. After a terrific run of drills and new licenses, the excitement has rather fizzled out recently compounded by a general disinterest in sector sentiment. Hopefully by the time they start their new campaign next year oil prices will be more favourable and reflected in their figures. They are currently well backed and financed, just need to see the new finance bring a corresponding rise in success!
I must applaud FPM for a speedy response to my missive with regard to Directors share holdings of less than 0.1%, a next day reply from the Commercial Manager. Impression given was that Markets give scant regard for Director purchases - although I do !!!
I'm confident that FPM is a potential takeover target but so many other companies are too! Maybe I need to take a holiday! 3 weeks away could make all the difference!
Pleased to see MSMN and HUR among the Top Risers today as I own shares in them too but I'm surprised FPM has fallen so far - as always, the Meerkat can kick you where it hurts for longer than you can remain solvent.