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Very odd why this isn't much higher
The Bue side-track well (6406/12-3 A) was drilled to a depth of 3,656.5 metres below sea level, 2.1 kilometres north east of the Pil discovery well 6406/12-3 S. The objective was to investigate the extent, thickness and reservoir properties in the Middle and Upper Jurassic reservoirs in the Bue prospect and to establish the pressure regime and hydrocarbon/water contact. The well encountered an 18 metre hydrocarbon column in reservoir rocks of variable quality. Pressure data indicates no communication between the Pil and Bue discoveries and Bue has therefore proven a separate accumulation of hydrocarbons. An extensive data acquisition programme was carried out including a fluid sample and the operator's preliminary estimate of the gross size of the Bue discovery is between 6 and 25 million barrels of recoverable oil equivalent ("mmboe").
rns.
Glenlivet now looks closer to coming on line - or a sale of 10%
Just tipped on TipTV (Zak Mir) and Malcy. Should bring you some interest.
agm presentation on fp website
Renowned for taking positions in small companies and losing money. Thats the downside if these funds that arnt in for the long term. The question is how much more will they unload? Strange time to do it after placing, and also if the worry is about middle east, oil stocks tend to gain for obvious reasons. As you point out, the market cap has increased several fold at the cost of heavy dilution. Would like to see evidence of the investment of that dilution in the sp as am sure would many very patient shareholders. Compared to the rest of small oilies they have performed well above average in a dire market. Obviously some uncertainty. The dissapointment of Cairn energy in Greenland cant have helped, but is it attractive enough to buy out? Probably not yet. A difficult one
Seen quite a few Blackrock reductions recently, not just in oil & gas ... think they may be going bear on the market in general and raising liquidity.
have actually reduced their holding since the placing. hmm.
It will be interesting to see if all the major shareholders have increased proportionally their holdings. It would be a reasonable summation that this has placed a floor on the share price - if it wasn't AIM. A company that since 2008 has gone from circa 50-70M capitalisation to over £300m, has at some stage to reward shareholders with an increase in share value. Touched over 200p at least twice during this period, so thrilling ride without any real change in value. Directors sitting in Carden Place , Aberdeen should note, options are a reward that requires an increase in share value
Owing to a very strong response by institutional investors, the size of the Placing has been increased from the base size of approximately £45 million to £65 million. The further funds will be used to pursue additional production acquisitions and to accelerate the conversion of the Company's 2C resources into 2P reserves. The Placing Shares being issued represent approximately 25.45 per cent.
I think you might be refering to th rights issue @£1.00, 'specifically for the Faroe Islanders to take part in.' I wonder how many actually did or could afford to. Nice sentiment though. RI's are apparently more expensive than placings, and they probably figured that PI's may not have the investment cash available now the banks and governments have stolen it from them in various ways! Strange how the initial flush of successes seemed to evaporate along with fund raising in recent years and Faroe is from from an isolated case. There are signs that fortunes are turning favourabley once again. Still a small premium to pay on the placing price, and may yet dip below, but unlikely in the current climate and change of sentiment. I notice Junior Oils trust came aboard earlier this year with a sizeable addition to their portfolio in their top 5. gl
Notwithstanding taking the risk of dry holes, production shut in, general AIM malaise, my 100,000 shares now succumbs to an II placing. Why didn't the darlings buy these at 105p earlier in the year - oh they did - now they have more at 120p. Still core holding, but lets get these on the main market and enough of these shenanigans. At least the last time Pi's were given the opportunity.
Alexios is spamming this on all boards. ..... please report him
New Broker Rating
Faroe oil find could be bigger than earlier thought.
Welcome Springer10. There are three lots of results due (Butch East, Pil and the Bue sidetrack, which is linked to Pil) - the indication from brokers post the acquisition of the assets from Tullow was that these have been delayed slightly and mid-May rather than early May is the likely timeline. They aren't the operator of either of these drills so it's not their timing issue - hopefully it's because there's just SO much oil (you can dream). Specifically in terms of Butch East, operated by Centrica in which Faroe has a 15% WI, it is drilling Butch East and Butch SW back to back with multiple sides tracks. It may also production test - so with all this going on, I can see it delayed further. The company thinks that we could see a more than four-fold increase in the field size - at present, it estimates Butch E to be in the range of 13-260 mmboe and Butch SW to be 10-190 mmboe. The high end of estimates depends on oil migrating from the Butch structure to other traps and the apparent salt dome structure in the field has a greater chance of having acted as a low-risk trapping mechanism. The risk is that both of these prospects are quite shallow - do there is a risk of trap breach. From looking at analyst reports, the suggestion is that good news from both could be worth up to about 40p on the share price from what is currently factored in. The Pil sidetracks and the Bue prospects are worth more - especially given the potential for follow up wells. It all appears incredibly bullish - but just to temper this, they're not the first E&P to have great prospects and if results aren't as good as they've been so far this year, they won't be the first to crash and burn! Hope that makes sense
Hi guys, new to the board! Been adding to these for five years now and I do get the feeling that the stock has a bit of momentum and luck on its side ATM. I think the strategy, although dependent on drill results is extremely effective and will eventually crystallise real value for shareholders. I think the management are extremely prudent bunch aswell. Londonwolfie, quite interested to hear more on your thoughts in butch east? When can we expect them do you think?
agree - the results have been delayed a little and now expected in around 2 weeks.
Worth waiting for, and more drilling results expected soon
Buy in to Ketch & Schooner production looks like a good deal, in terms of the multiple of profits and reserves paid.
The Bue sidetrack by mid-May (12p value unrisked) and Butch East imminent (20p unrisked but a massive range in terms of company guidance for size and fills of the structure) are keeping the interest going here in my opinion.
Nice move up,,,,,,,,,,,:-)
Key word 'would' not 'will' .... fecking estage agents , eh