Faroe Petrol Share Price (FPM)

http://www.ogj.com/articles/2013/05/statoil--total-swap-barents-sea-interests.html

Stopped out , will watch for an entry at a lower level but a major support level has now been breached. Ian.

Weekly chart has left a strong doji candle outside the bollinger Bands so I see great low risk long here with a stop just below doji low. It Doesn't come much better . Ian.

Faroe Petroleum's turnover nearly doubled to £158.8m in the year to the end of December - up from £80.2m in 2011. Faroe said this reflected, in particular, the full year effect of acquisitions made in 2011 of the Brage, Njord, Ringhorne East and Jotun fields in Norway, and continuing high oil prices. Cost of sales, including depreciation of producing assets, was £97.0m (2011: £52.2m), giving a gross profit for the year of £61.8m (2011: £28.0 million) - a significant increase from previous years. EBITDAX for the year more than doubled to £96.0m (2011: £40.9m). Exploration expenditure for the year was £79.7m (2011: £42.3m). This included pre-award exploration expenditure (£8.6m) and write-offs of licence specific exploration and evaluation expenditure on previously capitalised licences where active exploration has now ceased (£71.1m). The pre-award exploration expenditure included costs incurred in licence rounds. The licences which were relinquished and written off during the year included T-Rex, Clapton and Fulla/Freya together with other smaller write-offs over several exploration assets. The group's reported loss before tax was £29.0m (2011: £14.3m profit). The loss after tax was £5.2m (2011 profit: £47.4 m due principally to the exceptional gain of £40.0m on the disposal of Maria).

Faroe Petroleum has confirmed that the North Uist frontier exploration well, west of Shetland, is being plugged and abandoned, as planned. The 213/25c-1V exploration well targeted several reservoir objectives, the most significant of which was the North Uist prospect. The well reached a total vertical depth of 4,700 metres and encountered gas condensate in sandstone reservoirs in the target section. An extensive data set has been collected, including wire-line logs, pressure data and side-wall cores. A full formation and volume evaluation is under way but preliminary results indicate varying reservoir quality and the commercial potential has yet to be evaluated. The shallower Cardhu prospect encountered traces of hydrocarbons. This deep water frontier exploration well (Blocks 213/20b, 214/16b, 213/25c) is located near to Chevron's Rosebank oil discovery, also on the Corona Ridge, west of the Shetland Islands. To manage the typically higher well costs in this region, Faroe secured a financial carry of a portion of the well costs through farm-out arrangements and a relatively low retained licence equity. The drilling operation has been undertaken by BP Exploration Operating Company Limited using the Stena Carron drill-ship. The well will now be plugged and abandoned, as planned. Faroe Petroleum chief executive Graham Stewart said: "After a long period of drilling activity on this wild-cat exploration well, we are pleased to have made a discovery in the North Uist exploration well, although we had however hoped for better quality reservoir. "The result proves another working hydrocarbon system in the frontier west of Shetlands which is good news for further prospectivity in these UK waters. "The partnership will now undertake extensive analysis of the considerable volumes of data and samples collected from the well operations before deciding on the next steps." - - - http://www.moneyam.com/action/news/showArticle?id=4568618

16.0 - 16.5 heading for 117+ today imo