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Yes reminded me of Ithaca but a better offer here and will be accepted in the current climate.
Take it guys and move on.
i hope SO - but with current poo and many who bought at sub-1 pound, you can see the attraction ...
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Disappointed.....Just like Ithaca getting taken out low ..surely to be rejected
152 p per share ...
Um - attractive but will be rejected ...
200 pps minimum
-- BB --
Recoverable resources in Agar estimated between 15 and 50 mmboe (between 3.8 and 12.5 mmboe net to Faroe)
Reservoir encountered close to prognosis: 20 metres gross hydrocarbon-bearing reservoir section with excellent reservoir quality and high net to gross ratio
Significant discovery adjacent to infrastructure
Further evaluation of development options to establish commerciality will be undertaken in coming months
High value barrels due to Faroe’s UK tax losses and attractive fiscal regime in UK
-- BB --
Well, DNO bought in at 125p ... FPM needs a "success" ... and this will hopefully come in the shape of Agar Plantain - although I am a wee worried that we have had no news yet ... SO ... maybe under 125p is the time to pounce ... even at 150pps as an "opener" ... with 200pps as clincher? I hope not ... but ...
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Must be lots of consideration going on within the DNO leadership team. Perfect storm with oil having tanked and a non commercial well. Short term set back in my opinion but very very tempting if you are cash rich and considering a bid. Would make a 200p offer carry in my own selfish opinion.
Yes, you would think so...
Let's hope FPM does strike soon.. Or 150pps may be an acceptable offer!
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Surely the time to make a bid is when the oil price is down and the company has just drilled a dud.
Goodness.. I have just seen the word "some" ... I hope that's not the sign of the future...
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There is hope... But the falling SP says it all...
IGraham Stewart, Chief Executive of Faroe Petroleum, commented:
“In a six well exploration programme some disappointing outcomes are inevitable. Although no hydrocarbons were present in the main Oseberg target we are pleased to have encountered hydrocarbons in the secondary Ness target which provides new data.
“In addition to the ongoing Agar/Plantain well, results from which are expected shortly, Faroe’s exploration programme will continue over the remainder of the year with two further committed exploration wells in Norway: the Brasse East (Faroe-operated) and Cassidy wells.”
Oil price not helping with the E&P share prices. However it would be a very brave co indeed that made a bid in the current oil price environment with the carnage of 2014 so clearly in everyone’s mind!!! Plus Faroe shareholders would want to complete the drilling program before entertaining a bid. At least I would!!
getting a wee frustrated with the SP here. As a LTH, was hoping that we would be heading north ... in anticipation of news ... but we seem to be heading for a price that makes a T/O at a dismal price seem rather possible ...
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I like the mgt a lot because..... they have discovered most of their reserves rather than acquired them. Many exciting wells coming up in the next few months which could potentially more than double their reported reserve base with the help of Norwegian taxpayers :) Methinks DNO May have waited too long to bag a bargain here.
Oil price not helping their sp but will recover soon imo. I’m a buyer for the LT.
Can't say I am pleased with fall in SP, but my horizon is a tad longer than a couple of weeks. It just may act as a catalyst once Rungne results come in for DNO to act. Time will tell and I would opinion a 200p offer would be gratefully received by some, myself included.
Hmm... Less than 140p now ... 200p looks a dream!
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I doubt FPM management would even sit and discuss a 200pps offer!! We could get there within the next few months without an offer !! A couple of the current wells being successful will do it.
SQZ and RRE both seem quite competent ...
I am a wee annoyed by FPM not giving out more details on what is going on with Agar Plantain (the current drill).
Am happy at these levels ... as I expect an initial offer of 200pps .... which is affordable to DNO ...
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Fully agree with you mommur SQZ management are just another level above these guys.. I still firmly believe FPM won’t be around for much longer and believe a TO is likely ...
its all about perception when considering they are "as good as it gets" . I have been a long term holder since 2009 and have raged in the past at the focus on market capitalisation over share price. Having rose from 70p to over 200p and all the way back to 50p, the only winners has been the annual salaries these Directors have accrued along with options. it smacked of a private company. DNO have now stirred the pot and all talk is around an appreciation in share price over the coming couple of years. Love it - especially as I have a substantial holding.
Now SQZ Management firmly have my vote on "as good as it gets". GLA on a take out.
The Faroe management team are about as good as it gets in U.K. E&P companies imo. I hear what you say but they know their assets better than anyone else. Good luck to them.
It sometimes looks like management is selling too low, but this has been their MO for some time, and it seems to work for them.
A Board of Directors spreading their risk and improving their balance sheet! How refreshing. Gets my vote.
From yesterday's Oil & Gas Planet: Faroe Petroleum has completed the sale of its 17.5% working interest in the Fenja development located in PL586 in the Norwegian Sea to Suncor. Faroe retains a 7.5% working interest.
Faroe to sell 17.5% stake in the Fenja development to Suncor for cash consideration of $54.5 million (including tax balances);
Faroe to retain 7.5% stake in Fenja, underlining Faroe’s support for the project, and fully aligning Faroe’s equity at 7.5% across the Greater Njord Area (Njord, Fenja, Bauge and Hyme);
Transaction is expected to reduce Faroe’s future capital expenditure on Fenja to approximately £70 million (based on the operator’s gross projected development cost of NOK 10.2 billion);
Maintains Faroe’s strong balance sheet and fully funded position across its portfolio of Norwegian field developments.
in Norwegian Sea ...
Faroe Petroleum Norge AS has been granted a drilling permit by the Norwegian Petroleum Directorate for well 31/7-3 S in production license 740 in the Norwegian Sea. The well will be drilled about 10 km south of Brage field using Transocean Ltd.’s Transocean Arctic semi-submersible drilling rig after it concludes drilling wildcat well 30/6-30 for Faroe Petroleum in PL 825.
This is the fifth well to be drilled in PL 740. The area in PL 740 consists of part of Blocks 31/7 and 30/9.
Faroe Petroleum serves as operator with 50%. Point Resources AS holds the other 50%.
from 31/10/2018