Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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http://www.proactiveinvestors.co.uk/columns/fox-davies-capital/11778/sound-oil-green-dragon-gas-europa-oil-gas-antrim-energy-and-others-feature-in-fox-davies-newsflash-11778.html "Faroe Petroleum (LON:FPM): 2012 Not a Bad Year, but 2013 Should be Better – Today’s operational update underlines the frustrating headwinds that hampered the Company’s progress in 2012, a fact which has been reflected in the share price performance. This notwithstanding, last year has laid a significant amount of groundwork for what should be an active 2013. The cash flow from production should support what Faroe is all about, exploration. With 6 wells planned for 2013 and new exploration acreage to add to its hopper, the year has all the ingredients necessary for a good year indeed. Now all that is required is a bit of success with the drill bit. " Comment from RNS today: (incl. drill): "Graham Stewart, Chief Executive of Faroe Petroleum plc, commented: "Faroe Petroleum is delighted to have been awarded eight prospective exploration licences in the 2012 Norwegian APA licensing round announced yesterday, three of which will be operated by Faroe, which significantly enhances our strategic position in the country. These licences contain a wide range of play types and risk profiles, which increase our Norwegian acreage position to 32 licences across the key exploration areas, giving us the largest licence position of any UK independent operating in Norway. "Operations on the west of Shetlands North Uist exploration wells continue and we will provide further updates on progress over the coming period. We look forward to kicking off our active 2013 exploration drilling programme which includes several high impact exploration wells including Darwin (Barents Sea), Novus (Norwegian Sea) and two Butch wells (Norwegian North Sea)." http://europeaninvestor.com/SiteFiles/company/company.asp?GUID=5D9E4BE1DB6CC1418D2F1D048BEE1B02&PressID=1470845&Customer=1&CompanyCode=UK-FPM&MenuItem=91&wtLang=English
At this price... It will not go unrecognized. In aftermath director buys, formality cleared, funding sorted, on paper strong portfolio, production... looking healthy and if need be in a strong position ;-)
Production results may have been low but we awarded another licence. Cheer up folks, this has some serious solid potential!
BNP Paribas, Lloyds TSB Bank, Commonwealth Bank of Australia, DNB Bank ASA, Royal Bank of Scotland, SEB and SR Bank were named as participants in the increased facility. Commenting on the new facilities, Iain Lanaghan, Finance Director, said:"We are very pleased to have concluded this financing exercise, which alongside the earlier increase in our reserve base lending facility, means we have doubled our committed debt facilities in 2012. The strong continuing support from our banks, all of whom participated, is a testament to the business, its prospects and assets. "Alongside our robust production cash flows, our facilities provide us with greater funding capacity to support the development of the group in our core areas, both in terms of organic and acquisition growth," he added. Faroe's producing assets include the Blane, Brage, Njord and Ringhorne East fields. The group, focuses principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway,
AIM-listed independent oil and gas company Faroe Petroleum has signed an increased bank credit facility to provide substantial additional finance to support the company's growth plans. The amount committed under the company's Exploration Financing Facility will be doubled to NOK 1bn (approximately £110m) from the initial NOK 500m commitment, according to a statement issued by Faroe on Friday morning. The extended facility has been put in place to service Faroe's on-going active Norwegian exploration programme alongside an expected exploration tax rebate under the Norwegian taxation system. The maturity date of the facility has been extended by one year to December 31st 2015. Bank participants in increased credit facility
I watched this. Walked down, sneaking more like, in the quiet days on despicable volume. Why did anyone want that low in the books? (Thought it was a leak first, sixth sidetrack oops, unlikely now though. ) If it was about the stoplosses a big delayed trade will pop up sometime, right? GLA here. Not holding, still my favourite.
Seymour Pierce stuck with its "buy" recommendation on Faroe Petroleum (FPM) with a target price of 286p. The broker notes that the firm has commenced drilling its first exploration well at its Rodriguez prospect, located on the Halten Terrace in the Norwegian Sea. Seymour Pierce believes the current share price is a "clear entry point", with four significant exploration wells scheduled to be drilled in Norwegian waters next year. The well currently being drilled is expected to take 75 days to complete and is being undertaken by the operator of the licence, Wintershall.
Thanks for the steer on Friday, I couldn't spot any news that had caused the dip. As you so rightly say, this is just the way it goes sometimes, so I think I will pop them back in the drawer until next year and wait to see what comes out of N. Uist and the Rodriguez exploration. GL
I am buying here as it is a reasonably good support level. Ian.
have a look over on iii. There was some detail about an issue with one of its joint projects, That and the recent run of dry wells. They may have secured more borrowing but that is just piling up debt at the moment. Also aim seems to have a surplus of sellers and few buyers, cant think why lol. longer term I think they have a future. had a good run, now its the other one. Just the way it goes I'm afraid
shed any light on what has caused the drop today??
http://www.bbc.co.uk/news/uk-scotland-scotland-business-20592122
They've cut down on west shetland and given up on Faroe and Greenland. That narrows the field a bit. But what they have left is very interesting and plenty of dosh to concentrate their efforts on in their now more refined portfolio. I like a plan.
Thats hilarious. cut by 1p! Most brokers cant hit their targets by pounds
Faroe Petroleum: Seymour Pierce cuts target from 286p to 285p, buy rating kept; Panmure Gordon keeps buy rating and 205p target
Graham Stewart, Chief Executive of Faroe Petroleum, commented: "Although the Spaniards East well carried a reasonably high level of risk, we agreed to participate, given the upside potential in the event of success, and the fact the well was drilled at no cost to Faroe Petroleum." "The paying partners approached Faroe, as part of the Perth group, to drill the Spaniards East prospect on a Faroe held licence located close to the undeveloped Perth oil field (Faroe 33.4%). Although the well was unsuccessful, the partnership has gained useful data from the well, which will further our regional knowledge." "In the meantime, Faroe will be participating in a very active ongoing drilling programme in 2013 and we also await the results from the BP operated North Uist exploration well, west of Shetland."
Faroe Petroleum plc ("Faroe Petroleum", "Faroe" or the "Company") Results of Spaniards exploration well Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, announces the results of the Spaniards East exploration well (Faroe 8.4% - free carried). The Spaniards East well was drilled in UK block 15/21, reached a total depth of 10,694 feet and encountered 75 feet of Jurassic sands which were water wet. The well is now being plugged and abandoned. The drilling operations were undertaken by Premier Oil as operator. Faroe Petroleum had a free-carried interest of 8.4% in the well (carried by Premier, Cairn and Serica) and was not required to make any cash contribution to the dry-hole cost of this well.
Faroe Petroleum is giving up the ghost on its P1161 licence (Freya and Fulla), west of Shetland, in which it has a half-share and is the operator. Analysis of the results from an exploration well (206/5a-3) drilled on the Fulla prospect back in July confirm relatively poor oil quality, smaller than expected resource size and limited access to infrastructure. No economically viable solution has been found to bring these discoveries to development at this time, and consequently the licence will be relinquished. In the meantime the company, which is focused on exploration, appraisal and production opportunities in the Atlantic Margin, the North Sea and Norway, awaits the results of two UK exploration wells currently being drilled, namely the N. Uist well, in which it has a 6.25% stake, and the Spaniards East well; the former is in the region west of Shetland the latter is in the UK bit of the North Sea. "The high potential West of Shetlands area continues to be a core element of Faroe Petroleum's strategy. The company has considerable knowledge and experience in this important region, holding a large portfolio position there, including the Glenlivet and Tornado gas discoveries, which are progressing towards development," Graham Stewart, Chief Executive Officer of Faroe Petroleum noted.
Graham Stewart, Chief Executive of Faroe Petroleum plc, commented: "Faroe Petroleum adheres to a strict policy of protecting shareholder interests such that substantial development investments are only made where there is good potential for an attractive return, and unfortunately the P1161 licence does not satisfy our economic criteria. The high potential West of Shetlands area continues to be a core element of Faroe Petroleum's strategy. The Company has considerable knowledge and experience in this important region, holding a large portfolio position there, including the Glenlivet and Tornado gas discoveries, which are progressing towards development. "In addition, the Company announced on 21 September this year the acquisition of an interest in the producing East Foinaven oil field, and provisional awards of exploration licences were also announced last week which included four in the west of Shetlands area, of which three are operated by Faroe Petroleum." "In the meantime we await the results of two UK exploration wells currently being drilled, namely the N.Uist well (6.25%) (West of Shetland) and the, Spaniards East well (8.4%) (UK North Sea)."
Relinquishment of West of Shetland P1161 Licence Faroe Petroleum plc, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic Margin, the North Sea and Norway, announces that it intends to cease operations on the P1161 licence (Freya and Fulla), west of Shetland (Faroe Petroleum 50% and operator). In July 2011 the Company drilled an exploration well (206/5a-3) on the Fulla prospect and the targeted Clair and Whiting reservoir sands were found to be oil-bearing. Extensive modelling has since been undertaken to establish the resource potential and assess a means of economically developing the Fulla discovery in conjunction with the 1980 Freya discovery, located immediately to the south in the adjoining Block 206/10a. The results of this work confirm relatively poor oil quality, smaller than expected resource size and limited access to infrastructure. No economically viable solution has been found to bring these discoveries to development at this time, and consequently the licence will be relinquished.
http://www.investegate.co.uk/Article.aspx?id=201211020700051548Q
North Sea oil explorer Faroe Petroleum said it has been provisionally awarded seven new exploration licences on the UK Continental Shelf in the UK's 27th Offshore Licensing Round. The Aberdeen based oil and gas firm, which last month increased its annual oil production forecast, said the new licence awards in both the Atlantic Margin and the North Sea boosts its prospects in a variety of geological settings. Chief Executive Graham Stewart commented: "We have secured a number of significant new leads and prospects...which compliment and further diversify our extensive exploration portfolio." The licences include one in the west of Shetland in the North of the Faroe-Shetland Basin. Faroe said: "The blocks contain the extension of the company's existing Grouse prospect, a large structural and stratigraphic trap within post-basalt strata, in a new exciting exploration play in the west of Shetland area." The group added: "In the meantime we await the results of the two UK exploration wells currently being drilled namely the West of Shetland North Uist well (6.25%) and the North Sea Spaniards East well (8.4%)."
Graham Stewart, Chief Executive of Faroe Petroleum, commented: "I am very pleased to report these new licence awards in both the Atlantic Margin and the North Sea. We have secured a number of significant new leads and prospects in a variety of geological settings which compliment and further diversify our extensive exploration portfolio". "In the meantime we await the results of the two UK exploration wells currently being drilled namely the West of Shetland N.Uist well (6.25%) and the North Sea Spaniards East well (8.4%)."
Blocks 29/12 (part), 29/13 (part) & 29/14 - Faroe Petroleum 33.33% This Central North Sea traditional licence, to be operated by Endeavour Energy (U.K.) Limited, is located on the southern margin of the Central Graben. A number of leads have been identified at both Palaeocene and Jurassic levels. The licence work programme involves obtaining and reprocessing 2D seismic data and additional geotechnical studies, prior to making a drill or drop decision. Greater Perth Area Block 15/16e - Faroe Petroleum 33.33% This traditional licence, to be operated by DEO Petroleum Exploration Limited, is located in the Outer Moray Firth, north-east of the Perth oil field, in which the partners hold an interest. Prospectivity has been identified within Upper Jurassic strata and is to be de-risked through a work programme comprised of obtaining and reprocessing 3D seismic data, in addition to other geotechnical studies, prior to making a drill or drop decision. Blocks 3/28c & 9/3e - Faroe Petroleum 50% This traditional licence, to be operated by RWE Dea UK SNS Limited, is located on the western edge of the Northern North Sea Viking Graben to the north of the BP operated Bruce field. Prospectivity has been identified within the Palaeocene section in an exciting new play concept for the area. The licence work programme involves reprocessing of 3D seismic data and additional geotechnical studies, prior to making a drill or drop decision.