Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Dunvegan (Blocks 205/16b (part), 205/17 (part), 205/21c & 205/22b) - Faroe Petroleum 50% and operator This west of Shetland traditional licence is situated at the southern end of the Faroe-Shetland Basin. Dunvegan and the associated leads are combined structural and stratigraphic traps within Lower Cretaceous strata, associated with strong seismic amplitudes and located within a regional three-way closed structure. The licence work programme for Dunvegan involves shooting new long offset 2D seismic data and additional geotechnical studies, prior to making a drill or drop decision. Ribbon (Block 206/7b) - Faroe Petroleum 50% This west of Shetland traditional licence, to be operated by E.ON E&P UK Limited, is situated on the eastern flank of the Faroe-Shetland Basin, adjacent to the Clair oil field. Prospectivity has been identified within both Palaeocene and Cretaceous strata. The licence work programme involves reprocessing 3D seismic data and additional geotechnical studies, prior to making a drill or drop decision.
Faroe Petroleum awarded several new licences on the UK Continental Shelf Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, is pleased to announce that it has provisionally been awarded seven new exploration licences on the UK Continental Shelf in the UK's 27th Offshore Licensing Round. Grouse Extension (Blocks 217/14 & 217/15) - Faroe Petroleum 37.5% and operator This west of Shetland traditional licence is located in the North of the Faroe-Shetland Basin. The blocks contain the extension of the Company's existing Grouse prospect, a large structural and stratigraphic trap within post‐basalt strata, in a new exciting exploration play in the west of Shetland area. The licence work programme for the Grouse Extension is to be confirmed but it is anticipated that it will tie in with the programme for the existing Grouse licence. Glenfarclas (Blocks 208/21 (part), 208/26 & 214/30d) - Faroe Petroleum 33.34% and operator This west of Shetland traditional licence is situated on the south-eastern flank of the Faroe-Shetland Basin to the North of the Glenlivet gas discovery in which Faroe Petroleum has a 10% interest. The Glenfarclas Prospect is a large structural and stratigraphic trap of Palaeocene age, and exhibits an amplitude anomaly. The licence work programme for Glenfarclas involves reprocessing 3D seismic data and additional geotechnical studies, prior to making a drill or drop decision.
http://www.investegate.co.uk/Article.aspx?id=201210260700055918P
Despite a mixed exploration record so far in 2012 we continue to like the Faroe Petroleum (FPM) model. The company aims to drill at least five material exploration wells a year from a prospective list of as many as 50 licences. Imminent results from the BP (BP.) operated North Uist well offer a near-term catalyst. The shares trade at only a modest premium to the value of Faroe's core producing and discovered assets, as estimated by broker Investec to be 114p a share. The £324 million cap is one of only a handful of UK-listed stocks to qualify as an operator in Norway. Its drilling costs in the country receive a 78% tax rebate under the Norwegian fiscal system, which is designed to encourage oil exploration. Another quality marking the company out from its peers is a strong balance sheet with which to fund its exploration efforts. It has £103 million of cash, a £22 million tax rebate due from the Norwegian government and a $250 million reserve base lending facility. Later this month it is set to begin drilling an appraisal well on the Spaniards discovery in partnership with Premier Oil (PMO).
Yup, terrific set of results! Losses turned into profits, etc. And the SP? No reaction at all..
Faroe Petroleum, an independent oil and gas company, is acquiring a 10 per cent non-operated interest in the East Foinaven Field and a 0.5 per cent interest in the West of Shetland Pipeline System from Marubeni Oil & Gas. The interests will be acquired for $32m in cash, but this will be reduced to take account of working capital adjustments for net income from the sale of hydrocarbons from the field during the period. Faroe will fund the acquisition using exisiting cash resources. The BP operated East Foinaven Field is located in blocks 204/24a,25b in the Atlantic Margin 190 kilometres west of Shetland. Graham Stewart, Chief Executive of Faroe Petroleum, said: "We are very pleased to further broaden our production portfolio through the acquisition of the East Foinaven interest which boosts and continues to diversify our oil and gas revenue.
Graham Stewart, Chief Executive of Faroe Petroleum, commented: "We are very pleased to further broaden our production portfolio through the acquisition of the East Foinaven interest which boosts and continues to diversify our oil and gas revenue." "East Foinaven is a good quality producing field which provides significant upside potential from one of our core areas. The transaction is very tax efficient for Faroe Petroleum, providing shelter for both past and future tax losses in the UK and is in line with our strategy to grow our production portfolio to continue the funding of our exploration programme."
about junior oils getting in to pharoe isles. Presumanly they think it operates in Egypt!
Highlights Activity · Significant increase in production o Produced an average of 8,581 boepd in the period (1H 2011: 1,263 boepd) o Four principal producing fields (Blane, Njord, Brage, and Ringhorne East) o Significant investment in development and production wells · Increased production cashflow continuing to finance enhanced exploration programme · Active programme of investment in drilling and new ventures o Five exploration wells of which Butch confirmed as a significant discovery o Drilling ongoing on the BP‐operated North Uist exploration prospect West of Shetland o Portfolio success rate on exploration remains high (approx. 50% in the period 2009-12), despite lack of commercial discoveries during in 1H 2012 o Considerable new licence application activity, with Faroe now taking the lead as operator in several joint ventures Financial · Revenue increased significantly to £90.6 million (1H 2011: £40.1 million - including sale of pre-completion oil inventory on Blane of £26.8 million) · EBITDA(1)increased six-fold to £62.8 million (1H 2011: £10.1 million) · Profit after tax of £3.7 million (1H 2011 loss: £18.2 million) o Includes substantial income from producing assets o Includes expensed exploration costs of £53.2 million (1H 2011: £25.9 million) · Cash of £103.2 million at 30 June 2012 (31 December 2011: £111.6 million) · Norwegian tax receivable of £22.6 million (1H 2011: £36.3 million) · Forward exploration programme fully funded Post-Balance Sheet Events · Committed reserve based lending facility increased to $250 million and extended to 2017 - provides finance for further investments and acquisitions · Acquisition of 12.5% of Licence PL531 in Barents Sea, including well on high-impact Darwin prospect · Tests on Cooper hydrocarbons failed to flow oil to surface - further evaluation to be carried out Outlook · Spaniards and Rodriquez South wells expected to spud in 2H 2012 · Drilling programme targeting up to five material wells next year, including Darwin, Novus (Faroe-operated) and Butch exploration wells · 2012 production guidance 7,000-8,000 boepd · Exploration and development capital expenditure for 2012 forecast at approx. £205 million (approx. £120 million after Norwegian tax rebate) · Active preparations to apply for further licences in near-term licensing rounds (Norway) · Well positioned and funded to achieve significant growth through exploration and acquisition · Pursuing opportunities to extend our exploration model in new areas (1) EBITDA (earnings before
Faroe Petroleum, an independent oil and gas company, has drawn a blank on the first exploration well drilled in the production licence area 477 in the Norwegian Sea. Test drilling on the 6506/11-9 S Cooper well found oil but it could not be brought to the surface. The well will now be plugged and abandoned. Graham Stewart, Chief Executive of Faroe Petroleum, said: "Although the drill stem test results on the Garn formation were disappointing, we take encouragement from the discoveries made at multiple horizons and that the poor flow characteristics of the Jurassic reservoir observed in this well are not seen in the other nearby producing fields. "We will continue to evaluate the large amount of data that has been collected in the Cooper well to try to resolve why the Garn formation is tight and whether this is likely to be a local or a field wide reservoir phenomenon. Our high impact drilling campaign continues with the North Uist well with BP as operator, West of Shetlands and we look forward to spudding the Spaniards well in the UK with Premier Oil as operator in October 2012."
Graham Stewart, Chief Executive of Faroe Petroleum, commented: "Although the DST results on the Garn formation were disappointing we take encouragement from the discoveries made at multiple horizons and that the poor flow characteristics of the Jurassic reservoir observed in this well are not seen in the other nearby producing fields. "We will continue to evaluate the large amount of data that has been collected in the Cooper well to try to resolve why the Garn formation is tight and whether this is likely to be a local or a field wide reservoir phenomenon. It is a testament to the technical team at Faroe who identified the Cooper prospect and have again delivered, on prognosis, a discovery of hydrocarbons in multiple horizons. "Our high impact drilling campaign continues with the North Uist well with BP as operator, West of Shetlands and we look forward to spudding the Spaniards well in the UK with Premier Oil as operator in October 2012."
Seymour Pierce continues to view Faroe Petroleum (FPM) as a "buy", with a 263p price target, despite disappointing news that the 6505/11-9 S Cooper well in the Norwegian Sea failed to flow following drill stem testing. The broker nevertheless recognises that Faroe's high impact drilling campaign continues with the North Uist well with results expected imminently, which should drive Faroe's share price. Seymour Pierce also expects some positive news from Faroe's Spaniards well in the North Sea, the results of which should be released in October. Faroe shares slipped 14p to 145.25p.
Duster http://www.investegate.co.uk/Article.aspx?id=201208240700127087K
Faroe Petroleum said it had acquired a 12.5% interest in the Darwin prospect in the PL531 licence in the Norwegian Barents Sea. It said multiple targets had been identified on 3D seismic tests and the first exploration well was expected to spud from the end December. The firm said the deal was an important step towards its ambition of building a strategic position in the Barents Sea.
Faroe Petroleum (FPM LN, 136.5p, ▼ 1.80%) - Increased Lending Facility Banked: The announcement of an increased bank lending facility should enhance investor confidence as it further strengthens the Company's balance sheet, which should see the Company close 2012 in a better position than it started. News that the Company's Cooper well encountered hydrocarbons is also welcome, and although further work needs to be carried out, the preliminary results are encouraging and success at establishing production flow with this well would be another positive trigger for the stock. Read more: http://www.oilvoice.com/n/FoxDavies_Daily_Monitor_Faroe_Petroleum_Rialto_Energy_and_Amerisur_Resources/b80f563666a9.aspx#ixzz21iPP6DGB
We ticked 135p. Very cheap and almost good for a bid for the company. Or more bad news leaked... again?
11:58:36 148 390 AT S 11:55:30 148.5 2,109 AT S 11:55:30 148.5 391 AT B 11:53:19 148.5 375 AT B 11:52:47 148.5 387 AT B 11:52:34 148.5 500,000 O 11:52:26 148.5 499,247 O 11:52:19 149.25 485 AT B 11:52:19 149.25 25 AT B
you can see how slow I am at typing. Had to get my coffee before pressing the post button. 4 in a row for FPM is very unusual.
I'm hearing clapton is a duster. Always thought he was a bit overated. Waiting confirmation, but it looks like someone got this news on monday by the drop to 1.3 then
Graham Stewart, Chief Executive of Faroe Petroleum, commented: "Whilst the results for the Clapton well are disappointing, the data obtained does provide important new information which will allow further evaluation; particularly in the upper sections of the well where hydrocarbons were encountered. "This was also Faroe's first operated well in Norway and we are very pleased that it was delivered on budget and drilled safely. "Faroe Petroleum has a significant and diverse exploration portfolio, and this is an exciting period for the Company as we continue operations right now on two high impact exploration wells, the Cooper well in the Norwegian Sea (Faroe 30%) and the North Uist exploration well west of Shetland (Faroe 6.3%). We look forward to the results of the Cooper well which is expected in the next two weeks."
Results of Clapton exploration well, Norwegian North Sea Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, announces the results of the Clapton exploration well in the Norwegian North Sea (Faroe Petroleum 40% and operator). The well was drilled to a vertical depth of 2,619 m below sea level and was terminated in the Cretaceous Hidra Formation. The primary target was encountered on prognosis, but the reservoir was thinner and of poorer quality than prognosed. The Shetland Group chalk reservoir contained no hydrocarbons of producible quantities. Oil shows were present in the Neogene section and in the upper part of the Ekofisk. Data acquisition and sampling has been carried out and the well will now be plugged and abandoned. This well, which is Faroe Petroleum's first operated well in Norway, was drilled using the Maersk Guardian jack-up rig. The well came in on budget and was drilled safely without any serious incidents. The Clapton well is located in licence PL.440 S in block 2/8, approximately 5 km east of the Eldfisk East Field and 10 km north of the Valhall Field. The partnership consists of Dana Petroleum Norway AS (20%), Lundin Norway AS (18%), Norwegian Energy Company ASA (12%) and Det Norske Oljeselskap ASA (10%).
http://www.investegate.co.uk/Article.aspx?id=201206290832044679G
tHIS COULD BE A TAKE OVER TARGET FOR FAR EAST AS OIL PRICES ARE NOW LOW
wtf market makers playing at now
Among the wells to watch will be one on the Clapton prospect, in which the £368 million cap has a 40% interest, offshore Norway. The group's first operated well in the country, drilling operations are expected to get underway in the near term with results expected in the first half. A December year-end cash position of £127.5 million, an uncommitted NOK500 million exploration facility and 2012 cashflow from operations of £78 million forecast by house broker Panmure Gordon, means this year's spending is amply covered.