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So that is faroe now at 12-13k boepd although they cant economically count for that until 01/01/2015. The market will wake up eventually to this.
https://rbnenergy.com/crude-falls-to-pieces-how-far-will-it-tumble Both Brent and WTI forward curves flatten out in their tails – suggesting a “bottom” very close to today’s price of $92/Bbl for Brent and $10/Bbl less for WTI. But since crude prices have fallen by about 20 percent since June because of a supply glut there may be little to stop the slide in the near term until some new event impacts supply. That could be OPEC resolving its differences and getting back in line to raise prices. Most OPEC producers have their economies tied to crude prices, so they are incentivized to support actions that would bolster crude prices. . There may be other political events disrupting supplies – the Mideast seems wide open to that eventuality right now. However, in the short term we are unlikely to see a significant drop in crude production here in the U.S. – even if crude prices fall some way below $80/Bbl. That’s because there are plenty of shale plays with attractive rates of return at crude prices well below $80/Bbl and new drilling is more likely to migrate to areas with better rates of return than to come to a halt.
Thanks for your input - very much appreciated. I believe FPM is a good investment even at the current price of oil. As a raging oil bull I'm expecting a Middle East War which must make FPM even more attractive to a predator. I'm not accustomed to investing in oil companies who actually produce oil but I'm confident that FPM and KEA will both prove to be excellent investments.
Its been going on ever since the placing. Thousands of them, and all for quite small trades. I sold out originally a couple of years back thank god, had about 50 grand in. Been trying to trade it since the placing, taking very small profits, until 110. Got stuck there. lol. Not prepared to put anymore in. Looks like one of those city shorting packs to me. Must be a real chance this will be the next t/o. Must also be a concern that oil price is reaching break even as production costs have risen sharply. On the flipside they have consideable assets and cash.
I bought more today @ 101.25p which was probably the highest price of the day! Anyone like to comment on why this share seems to have so many Automatic Trades?
OK. I have done my DD and bought in on the bell today for < 100p. Short term this could slip but by the new year FPM will be producing 13kboepd. By then a MCap of £250 will look stupid. Looking for 150p+ by the end of January. Good Luck All
somebody over recent months. Now below ri price five years ago. At this rate it will be at cash value for heavens sake. I guess someone working to buy it cheap.
Just doing some after hearing about it from Malcy. Either I am doing something wrong or the Maths here doesnt add up. -£100m cash as on July (less now due to £35m payment and operating costs of approx £5m per month) -Expected production as of 01/01/2015 of 13000boepd (4000 + 4000 from Schooner and Kech + 5000 from Hyme) -Well below the placing price from 120p. Will have to look into it more but at first glance this is cheap as chips. Would explain the broker ratings. The only concern is that now at 5 year lows so hard to tell if it will slip further or bounce of 100p. Wont matter in the medium term.
Tender out from PMG for Valves for 2018-2019. I guess it will be a while !!
Surprised this isn't up more this morning after the favourable mention in Saturday's FT. With earnings expected to rise from 6.6p to 27p it looks cheap.
Positive benefits revealed by Faroe Petroleum: Faroe Petroleum has hailed the progress it has made in the North Sea where the company has expanded through acquisition, although it fell into the red in the first half after facing complications off Norway.
Small loss 3 mil, revenu 54mil, partly due to shut down, loan fac undrawn 250mil, 65mil raised in oversubscribed placing, 96 mil cash (+10 mil from gas sale yesterday?). Hardly a disaster. Admittedly in these times of austerity a lot depends on the success of the drill bit, but they have just had an enormous find. The market likes to see it on the balance sheet rather than down a hole. Dearly love to top here if the op arises soon enough.
Brokers raise targets slightly £2.05ish. Faroe has sold its 10% stake in Glenlivet to Total for £10m is very welcome, costs to Faroe for developing the area would have been high and will be better spent on the exciting portfolio. This is another stock that the market is uncertain about, maybe because it too has raised money this year. Having said that it is well financed and in a good position to take advantage of the exciting wells on the cards for next year. An upcoming trip to Norway will give analysts the chance to up their numbers on things like Pil and Bue so I remain of the view that FPM is very good value at 111p. - See more at: http://www.malcysblog.com/2014/09/oil-price-exxon-siemens-chariot-faroe-velocys-and-finally/#sthash.rOW5j7YW.dpuf
Graham Stewart, Chief Executive of Faroe Petroleum, commented: “We are pleased to announce the sale of our Glenlivet interest to Total, which is in line with our stated strategy to monetise our exploration successes to the Company's greatest economic benefit. Total's West of Shetland gas development project to export gas from Laggan, Tormore, Edradour and Glenlivet is a highly capital intensive investment in infrastructure, and one of the most significant UK upstream investments in recent years. Faroe's timely transaction will release significant capital for investment in Faroe's high impact exploration and appraisal portfolio.”
good to see you here was not aware untill i just readyou post on solg board , lets hope for a move up here as well
had hoped for a move up in share price ,while some may be selling it is happening at other shares as well the scottish referendum uncertainty may not be helping share prices generally
Yippe. Is that this mornings excitement over
this morning. No Smoke without fire, and the market valuation is probably one of the most absurd, But that seems to be the flavour of small oilies for the last couple of years. Cant see KNOC letting go for £1.4, indeed they may have their hand forced to take over the whole show. Either way better than thousnads of ridiculous AT trades, mostly under £1000 since the placing.
As the stock market remained pre-occupied with the Scottish referendum, oil companies were firmly in focus. There was Tullow Oil, 9p higher at 706½p after Mitsubishi, a Japanese trading house, snapped up a 30 per cent stake in a deepwater oilfield off Ivory Coast. Encouraging for Tullow, which owns 30 per cent of the block but has delivered disappointing drilling results in recent months from Ethiopia, Norway and Mauritania. Then there was Faroe Petroleum, 4½p higher at 112p. The AIM company drills in the oil-rich waters off the 18 Faroe Islands, a self-governing part of Denmark about 200 miles north of Scotland, as well as in the North Sea and elsewhere. Graham Stewart, its founder and chief executive, is a former finance director of Dana Petroleum, the North Sea oil company built by Tom Cross and sold to KNOC, of South Korea, for nearly £1.9 billion in 2010. Traders heard rumours yesterday that Premier Oil, a FTSE 250 explorer that operates mainly in Britain, Indonesia, Vietnam and Pakistan, had approached Faroe about a possible takeover for 140p a share, which would value it at a shade under £375 million. In April, another FTSE 250 oil company, Ophir Energy, dropped its interest in merging with Premier, up 2½p at 337½p, to create a sprawling £3 billion explorer. Like Tullow, Ophir has enjoyed precious little exploration success of late. After a string of dry wells in Africa, Ophir said last month that it would hand back $100 million to shareholders to try to arrest its sliding share price — 554p less than two years ago, 231¼p now. Ophir’s chairman is under pressure and is rumoured to be on his way as soon as a couple of new non-executive directors can be lined up. Trading in BP shares was suspended for five minutes in the morning after the price spiked by more than 5 per cent. When trading resumed, the price had already returned to a pre-spike level. Traders blamed a fat-fingered dealer for an incorrect trade. None was cancelled and BP closed 2p lower at 470¼p. The Scotland question continued to vex the market. The latest poll suggested a slim lead for the “no” campaign. That was enough to underpin the FTSE 100, which was 7.34 points higher at 6,806.96, but down 48 points for the week. eBay moved swiftly to stifle speculation that it was in talks with Google with a view to forming some kind of alliance, after shares in the online auction site spiked by as much as 4.5 per cent in morning trading in New York. One rumour was that Google would acquire 40 per cent of eBay stock for about $85 billion. eBay pared gains after dismissing the talk, but the shares still closed 3 per cent higher at $52.19. Google declined to comment.. Still drawing support from a big jump in profits this week, Barratt Developments added 10p to 389¼p, while broker research (from Berenberg) sent Associated British Foods, the owner of Primark discount clothing, 56p lower to £26.21 and (fr
Lizard ha ha it was a struggle :) also a bit on morrisons. But there is no board like the QPP board :) It was in the times.
Serious question .. Did you get a nose bleed tearing yourself away from the QPP chat site? Hope you're ok ... lol
There was something again in the Times this weekend ... You need to be a subscriber to get the full article.
Ifonly, what press might that be? Can't find anything. Cheers P
Premier ... Maybe they have a suitor lined up for some of the sealion field down in the FI's and are spending the money already? Should be an interesting week ahead ... Beats talking to myself here ... lol
1.40 is certainly a nice starter for 10 ... Although I too would be more than happy with 30% from here. Monday should be very interesting, rare you see such a big move in the closing auction if there's nothing afoot .. So to speak.