OLI12, Thanks for your comment, I understand what you mean...... BONE: As far as I know, Bone is a high impact which commenced on the 11 January 2017, apparently this well will be genius if it comes in. BRASSE: FPM has also announced that a Brasse appraisal well is imminent. Drilling of the Brasse Exploration commenced in May 2016. Does anyone know of any timescales when we can expect news from Faroe ? Is this imminent ?
I didn't know this until recently, but to increase competition, Delek have been told to sell their stake in Israels largest producing gas field before 2020 when their even bigger Leviathan field comes on stream. So Delek have a $4 billion dollar pay day coming.
They may regret not bidding for Ithaca when it was 30p. If I was Delek Id borrow so I can buy assets asap, and not wait until they sell the Tamar field or complete the Ithaca sale.
Vlad, great to see you posting again. What you say about the difference in relation between Delek and Faroe as compared to the much closer relationship between Delek and the Ithaca board is exactly what I've been thinking. I believe there is a very high probability that Delek will try to take Faroe over, once its completed with Ithaca. That would build a decent size company for Delek to float on the stockmarket in the autumn. I expect they'll make a pretty penny - and they will need at least one other company to try and disguise what a steal Ithaca was. Faroe I think is the favourite, but I can't rule out Serica (not invested there at the mo, but its on my watchlist).
Graham Stewart was interviewed on IC. Fascinating, Graham wastes no energy whatsoever on charm or spin, very much the quintessential image of the dour penny pinching Scotsman - I mean that in a complimentary sense, exactly the kind of person I want in charge of my largest holding.
Graham was pressed on whether Delek would bid and whether Faroe would be allowed to sell relatively cheaply like Ithaca. He said he did not know whether Delek will bid, although he acknowledge they might. He stressed that the very best outcome for shareholders would be his priority and stressed that Delek obtained Faroe's shares on the market. What he is referencing here is the issuing of Ithaca shares to Delek prior to Ithaca's debt re-assessment, to get Ithaca through the debt re-assessment more comfortably by relaxing Ithaca's creditors due to the cash generated from the share issuing to Delek. Ithaca were more beholden to Delek subsequently than we thought.
Between Delek and Faroe there is no such cosy insider arrangement, Faroe do not need Delek, Delek bought in because they see value as we do, if they want to buy is out it will require a considerable premium, that is what Graham Stewart has made clear.
Looking like it, the price is tanking. Fine, I have a big chunk of money nvested elsewhere, and I don't think Delek will move on Faroe until they've got Ithaca in the bag. So Faroe in play from around the start of May. If they dip below a quid I'll be piling in.
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