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I would be happy with 30% over a few days. Big move in the auction.
Think premier will have to go a lot further than that, but good opener. Start with a 2 and they might get somewhere
Don't rothchilds advise PVR?
Talk in press of 140 bid from premier oil
Interesting ... Although I'm pretty sure I'm talking to myself ... lol
Some huge 'o' trades going through this week ... 373k just gone through at 1.07 followed by another 100k at 1.10 ... Looks very interesting ... could there be some truth in the Times article .. "Now, apparently, Fairfield, owned by a consortium of private investors led by Warburg Pincus, is being advised by Rothschild on alternative routes to the public market. Perhaps via another shot at a London flotation or, more likely, a reverse takeover of any one of a number of quoted oil producers with UK assets and a yawning disparity between their values and market capitalisations. Ithaca Energy (off 1¾p at 133p), Faroe Petroleum (¾p easier at 107p) and Providence Resources (up 1½p at 132½p) were mentioned by speculators as potential targets. So were others."
I've taken a few today, hoping I've caught somewhere very close to the bottom ... Good luck ....
I've bought in end last week,as did a few others Slainte, GLA
Diver169 Looking at Faroe management's relationship with its largest shareholder, I don't think they'll execute their 2015 plans. As for 2019 - fantasy land, imv.
First production from the joint development is slated for the late 2019! Still a long way off...
Hi Ataraxia, I'm with you on this one. Dana seems to hold 18% of the shares and the right to a seat on the Board, but Stock Exchange Regs may dissuade them from taking this if they have a bid in mind. They will have to watch the 'Concert Party' rules when dealing with Tom Cross at Parkmead. There is no doubt in my mind that it would make a lot of sense to buy Faroe in before any more news comes out on the FPSO at Perth/Lowlander. The Board of Faroe does seem to have dragged its feet and is an unnecessary cost. Get on with it DANA, get your cheque book out, and let's put the monies from the sale of Faroe into Parkmead. Tom Cross and affiliates' holdings would preclude a Parkmead takeover by Dana, so we would get our fair share of the spoils once they are flowing. Alternatively, maybe Tom Cross will have a go with a paper deal share offer for a takeover, but that would give DANA too much of a holding in Parkmead, which I am sure that TC would wish to avoid. Intersting to note that the current annual revenue from Dana has now reached the same level as the amount KNOC paid to buy DANA four years ago. Tom Cross and Colin Percival of PMG left a fantastic legacy at Dana, and they will continue to wave their magic wands over the North Sea and produce the goods for us all. Anyone considering a ourchase of Parkmead shares should consult their Independednt Financial Advisers and have a look at the Brokers' Recommendations before purchase.
Parkmead, Faroe in talks for joint FPSO use in North Sea Posted on Aug 29th, 2014 with tags Faroe, FPSO, Joint, North Sea, Parkmead, Talks, Use . Parkmead and Faroe Petroleum are in talks to jointly develop their respective discoveries in the UK North Sea using an FPSO unit. According to Atlantic Petroleum a partner in the Parkmead-run Perth and Dolphin discoveries, Faroe Petroleum, operator of Lowlander discovery, and Parkmead have initiated joint studies to determine the feasibility of a joint Perth/Dolphin/Lowlander development. The evaluation phase, under which the discoveries would be developed sharing the same production facilities, is expected to be complete by year end 2014. Atlantic Petroleum reveals that the two operators have agreed the commercial and ownership framework and a Heads of Agreement for the Joint Development of the fields signed, which covers equity alignment or “Unitisation” process, budget and management of the joint near term work programme, and plans for securing finance for the project. FPSO proposed Information on the Department of Energy & Climate Change (DECC) reveals that the production facility for the development would come in the form of a Floating Production Storage and Offloading (FPSO) unit, which will be designed for sour oil service, to be able to produce the oil with high sulphur levels as found in the Perth field. Faroe Petroleum has said that Perth and Lowlander have been fully appraised, with a combined total of nine wells drilled on the fields. Together the fields are estimated to contain Stock Tank Oil In Place of 270 million barrels, with 62 million barrels of oil estimated to be recoverable, of which 22 million barrels is attributable to Lowlander. Also, when it comes to the proposed FPSO solution, there is the potential that the unit could serve as a hub for a number of other analogous accumulations already discovered in the area. First production from the joint development is slated for the late 2019. Offshore Energy Today Staff, August 29, 2014
Nice chunky buys :) someone knows something :) http://screencast.com/t/GnzOP7NpJu5
I don't see Dana as being interested in Parkmead, and Tom Cross certainly wouldn't want them as shareholders/owners. Parkmead's holding in Faroe is small, so they are a passenger unless a bidder appears. KNOC (Dana's owner) wants to grow its group output by about 50% over the next three years. Most of that should come from existing development projects, but there could also be a small acquisition. So my guess as to Dana/Faroe/Parkmead would be that Dana takes over Faroe and Parkmead receives a cash payment for its shares in Faroe. For me, Faroe's management have had their time. Private investors have suffered repeated dilutions and seen neither capital growth nor dividends. My guess as to timing of a possible bid would be shortly after the interims (about 1 month from now). That would give the bidder an update (albeit unaudited). But, who knows? We could still be holding these at around 100p in 2020? Not a nice thought!
Share your doubts, been a holder here since 2008, so developing has not been a play. I do wonder what the Dana / Parkmead / FPM will evolve into. Seems to be a small play with Spaniards to the South East with PMO as operator. Their was a mention in the detail of another third party interested but this would be small beer. With regard to Pil, we reached the dizzy heights of 150p and have now returned to circa 1110p as if no discovery. I sincerly hope that Faroes Directors get an unsurprising bid on their Carden Place office
I have serious doubts that Faroe will get any oil out of Lowlander. Firstly, Faroe are not known as developers. Then look at the agreements (as far as you can). Faroe acquired their share of Lowlander from two other parties without declaring the terms of either agreement (afaics). Why were no terms stated? Then, why would a company of the size of Talisman be happy to sell its share to Faroe? Faroe certainly can't fund it, whereas Talisman could have done - but chose not to. Faroe now has to try to bring in a big oil company, when one such company has recently exited. Looking behind this, Faroe is in a lull period, waiting for a return to the Pil block. No news in prospect and the share price down at 110p. Could this Perth/Lowlander 'news' be an attempt to get some support for the shares? Faroe's directors must be looking over their shoulders at Dana, who hold 18%.
Information seems to be forthcoming with regard to development for 2017/2018. Conceptual studies done by FPM, so it should be gathering momentum for Industry suppliers to get involved. Anyone know of a Third party who may want to join the party that has a discovery in the nearby area ??
He's been a fan for a long time. "The biggest threat being taken over'. Actually, oil is on the slide and deep sea drilling is pretty expensive. Greenland is unlikely to bare fruit and they had a run of poor drilling results after an exceptional run, which enabled them to tap the market about three times in the last 5 years. Knoc inherited a large portion ( when the sp was around £2 in the Dana takeover) and another rather unreliable int has/had almost an equal amount. These stocks are news driven and there is unlikeable to be any for a few months, so if the sp drifts much further someone else is likely to take the inherent value from us. None of the above factors are particuarly good and why the sp lies in this sorry state. Whilst in the worst case scenario one would think the last £1.20 placing would underline the lowest takeout price that is frustratingly below its real value like so many exploration stock right now. One would hope there would be enough interested parties to make sure a better price would be achieved in such circumstances. It is very difficult for the board to do anything other than substantially increase earnings and discoveries. Jam tomorrow doesnt work in this market anymore.
4-Aug-14 Oriel Securities Buy 205.00 205.00 Reiteration
Well I'm in now , cant see this going much lower. Anyone else left or bought in????????
Good News Monday Morning...
Another 10,000 accumulated sub 109p, I sincerly hope it doesn't return to sub 70p when I first dipped my toes. Remarkable climb and descent, with market capitalisation more than trebling. Concur with Malcy's blog re compelling opportunity, pity the Directors don't see it the same way by aquiring some shares.
From Malcy: While on the subject of rewarding investments I have been genuinely surprised at the performance of Faroe in recent months. I know that it is not unusual for shares to drift post a money raise but the indigestion should have been cured by now. I decided to get in touch with CEO Graham Stewart yesterday to touch base following my recent meeting just to make sure I wasn’t barking up the wrong tree. Since that meeting the Bue well has been announced and whilst it was indeed a separate structure, is was always expected to be so. The company is carrying 80-200m barrels for Pil and Bue, mainly for the former which I still believe may be significantly exceeded and with further testing up to the fault and to the north east leaves plenty of scope. With such discoveries as Snilehorn in this highly prospective area the outlook for Faroe is very positive indeed. It is worth going to their website and looking at their most recent presentation which in my view endorses my optimism. Faroe is like a lot of good quality E&P companies at the moment totally being missed by the market, I understand that markets are bigger than most but this is another opportunity and at change from 110p a share ludicrously good value. - See more at: http://www.malcysblog.com/2014/08/oil-price-genel-faroe-sundry-and-finally/#sthash.1dkKoQJe.dpuf
investors needs talking here. Malcy was meant to give an update on this 2 weeks ago.