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Faroe Petrol Share Chat (FPM)

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Share Price: 57.50Bid: 57.50Ask: 57.75Change: 0.00 (0.00%)No Movement on Faroe Petrol.
Spread: 0.25Spread as %: 0.43%Open: 59.00High: 59.00Low: 56.25Yesterday’s Close: 57.50


Share Discussion for Faroe Petrol


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Isengard7
Posts: 2,585
Off Topic
Opinion:No Opinion
Price:53.50
RE: No debt
2 Feb '16
Hi Peteb,

good points there.

Share price bottomed out at 43p. Interestingly the tangible net asset value per share is also around 43p. (essentially just removing the £140m intangible assets)

So its interesting to see that the market has given it strong support at that price level and I don't think that is a coincidence.

I agree I may have been too critical on the debt levels. As the current assets cancels out the current liabilities. Also a big chunk of the non-current liabilities.

to go back to the market cap being bizarre I think in terms of valuation I always take intangibles out so i reckon market cap is about right.
 
Beanup
Posts: 187
Question
Opinion:Hold
Price:48.50
Kvalross
25 Jan '16
Anyone know expected duration of this drill ??
Jacksdad
Posts: 566
Off Topic
Opinion:No Opinion
Price:44.50
RE: No debt
20 Jan '16
Steady news flow..strong cash position and heavily subsidised exploration costs..all good stuff imo
peteb308
Posts: 2,574
Off Topic
Opinion:No Opinion
Price:47.50
RE: No debt
19 Jan '16
hi isengard

i do not agree with your assessment. surly if you work to your total liabilites figure you should also work to total assets? for example it has tax asstes of £46M and tax liabilities of $£3M (so that is almost 20% of your liabilities dealt with). then it has £36M trade receivables - assuming they are collectable (like the parties owning have not gone bust in the meantime), and of course it owes £34M trade payables. so that is now £82M of your £250M sorted - all normal stuff.

so you have £23M RBL debt - this is cash due to be paid back at some point. £59M defered tax (non-current liability) but also a £30M defered tax asset! and £78M provisions (which i would assume are for decom activities which are in the future (could be many years away)

so i think a better assessment is: £93M cash plus £6M fin asset less £23M RBL, plus the odds and rounding. with current poo i would take a cautious view on the RBL, even if the deal has several years to run - it will be subject to assessment each yr or 6 months. ,so at worst effective net cash is £76M or some what more than half the MCap.

but the bs NAV is approx £1/ share so current SP is a 50% discount to NAV, but in a cash rich oiler. looks OK to me currently and i am happy to hold.
princeofdarkness
Posts: 266
Off Topic
Opinion:No Opinion
Price:47.50
I'm out.....
19 Jan '16
sold out at a loss !
princeofdarkness
Posts: 266
Off Topic
Opinion:No Opinion
Price:47.00
Oman willing to cut
18 Jan '16
Finally some one has worked it out !! just the supermarkets now and all will be well again.
messyaffair
Posts: 84
Off Topic
Opinion:No Opinion
Price:47.00
Oman willing to cut
18 Jan '16
Beanup
Posts: 187
Answer
Opinion:No Opinion
Price:46.50
Isen ....
18 Jan '16
Thanks Isen - I think, ha ha!! - I was looking through rose tinted glasses - trying to convince myself to hold a substantail holding - whilst worrying about another wildcat "dry hole"
Isengard7
Posts: 2,585
Off Topic
Opinion:No Opinion
Price:47.50
RE: No debt
17 Jan '16
I thought the same initially but if you look closer FPM has over $250m in liabilities.

Ordinarily that wouldn't be a problem especially in a cash rich company like this but in the current oil price environment that's too much liability to have in my opinion.

Its not trading at a discount to cash so not an opportunity yet.
princeofdarkness
Posts: 266
Off Topic
Opinion:No Opinion
Price:47.50
Oil price
15 Jan '16
Looks to be heading towards that $20 dollar prediction. Surely can't stay this low for long......




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