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Delek just pounced on another 5m to go to 15%+!!
Some reasonable after hours trades reported. This is a no brainer at this price and starting to look promising for a build from here. How far can this go before Delek pounce, no one knows?
Order placed,small punt
Well market cap of Faroe is now approaching £300m - cash in bank circa £100m. Surely Delek will not pick up another top asset for peanuts like they did with Ithaca. If this drops below 80p I would not be surprised to see them buy more shares in the market before mounting a T/O here.
The enormous trading is only a rollover of some sort.
Some enormous trades after hours. I kind of wonder if Delek informally approached the board, got rebuffed, and have backed off and are selling down their stake. There seems to be strong buying, but against a backdrop of relentlessly falling price. Doesn't make sense.
I couldn't really see any reason not to take advantage...... :-)
Will Dekek use the opportunity to buy more shares here. The volume in the last few days has spiked. Great chance to get in here.
Probably a mixture of recent drop in POO and MMs want to take it lower for their own reasons ( sometimes because a big buyer wants the best price) - I will sit and hold and add if it drops to my price target. This is one ,if not the best run oil company out there and will either grow or be taken over at some point . DYOR
Any views anyone?
I expect them to swoop here in H2 2017 now that they have wrapped up the Ithaca deal. The 2 companies fit together well. People say they "stole" Ithaca ... if that's the case then this is easily worth £1.75p given the cash circa £100m, producing assets and reserves. It's just a matter of time. Purchase now for less than £1 and then wait for the pay day. DYOR
Perhaps Delek wants to add a few more shares at the right price?? Everyone rates this share - but it is never reflected in the SP. Hey ho - all my Investment Trusts have 2 or 3 bagged whilst this holding remains stagnating - fool or what!!
With thanks to Cwmtawe on iii http://www.worldoil.com/news/2017/5/4/faroe-petroleum-norge-granted-drilling-permit-for-well-317-2-s
Some 300k ordinary trades in the last hour, all on the exact midpoint so they're not registering as buys or sells.
Held a large holding when Dana/KNOC had around 18% of FPM, takeover never really on the cards that time round - perhaps as we are now a different animal?? Info on potential drills later in 2017/18 would be timely
well Deleks "cheap" take over of Ithaca has been accepted by 70% of holders. Faroe will be next on their list IMO in the coming 3 - 6 months. considering the lack of debt here and the 100m cash we should be looking at easily 175p per share minimum!
Large delayed trade of almost 1m shares from a week ago reported after hours, and a holding RNS about Tjaldur having a stake over 3%. Interesting company. http://www.tjaldur.com Helge Lund formerly of Statoil is there. Wonder if Faroe is building defenses against an opportunistic low ball bid from Delek?
In doldrums after the Bone drill, with majority of works this year work on assets. Good recovery from low 90's and perhaps this time round they will utilise cash generated rather than issuing equity for any tempting morsel. Its timing, so back to sleep for me. GL
Can anyone kindly advise what is going on with Faroe? Barely any chat or news on here which at best can be good, or at worst, rather worrying.
JERUSALEM, March 30 (Reuters) - Israel's Delek Group said on Thursday its quarterly profit was boosted by the sale of two natural gas sites and higher income from its exploration and production operations as it seeks further international expansion. Delek agreed to buy Ithaca Energy last month in a deal valuing the North Sea oil producer's equity at $646 million and building on Delek's expansion in the North Sea ahead of a planned London listing this year. This followed its purchase last year of a 13.18 percent stake in Faroe Petroleum, another North Sea operator, for 43 million pounds. "2017 will be marked by furthering the group's international presence, by executing on our strategy to focus on the energy sector, with a goal of becoming a key player in global energy markets," Delek CEO Asaf Bartfeld said in a statement.
Like minds Urraca ... made me laugh how you have phrased the reply. Whilst it would make me a very rich man, I can't see Faroe buying Serica - they have more or less given up on UK, other than the producing assets they own. I would more consider buying PMG if it continues to fall - very interesting. In a similar vein, I also have a substantial core holding in FPM and have been vociferous to company about the tendency to issue equity and its about time something is reflected in the SP.
IF you think the oil price will go down then wait as it's inevitable that FPM SP will track the price of oil. That said Faroe is a great long term bet a well run company with a good spread of assets and with cash. I do think Delek will come knocking in the future as this would fit well with Ithaca's assets, Delek have cash to spend - it's unlikely they will buy 1 northsea asset only! A I have said already if the price being pa for Ithaca is "cheap" then this is worth £2 minimum.
On the outside chance the oil price plunges, Faroe sp will go down. Also, they are sitting on a huge amount of cash. The window to buy assets at a bargain basement price is probably closing. Be nice to see them do something with it. Come on chaps, you could buy Serica outright. They've got no debt and cash generative so a good fit I think. Finally, they have shown an unfortunate tendency to issue equity to buy assets, rather tan using their huge cash mountain. On the plus side...well, not really enough space is there. FPM is my core holding though, that I add to from my gambling on other stocks. Its the ultimate AIM comfort blanket for me.
Quiet, civilised board. I like it! Any bears out there, please tell me why I SHOULDNT take a position here? Thank you!
That's great news today for Faroe we just need the oil price to perk up