Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
http://www.iii.co.uk/articles/27282/wednesdays-aim-news-oil-and-gas Faroe Petroleum (FPM) has discovered oil, "but not in commercial quantities", on the T-Rex and Bolan exploration prospects in the Norwegian Sea. The company will not carry out production testing. Both prospects are situated next to the Statoil-operated producing Smørbukk oil fields. While chief executive Graham Stewart said that he was "disappointed" with the results, he pointed out that the well did provide "very important new data and information" which would allow further evaluation and de-risking of the exploration province in which Faroe has a number of licences. The next exploration wells scheduled for the second quarter of 2012 are North Uist (where Faroe has a 6.25% interest), Clapton (where Faroe is operator with a 40% interest) and Cooper (where Faroe has a 30% interest). Broker FoxDavies said today's update was being viewed "as a step further towards the de-risking of the block resources", while Leila Reddy, analyst at Panmure Gordon, said that the company continued to offer "an attractive risk-reward proposition", given its portfolio of exploration assets complemented by producing asset and a fully-funded drilling programme. Panmure had a 'buy' recommendation on the stock. Sam Wahab, analyst at Seymour Pierce, warned that following the disappointing result at Kalvklumpen last month, this would be viewed as another setback in the company's 2012 drilling campaign, and decreased his price target on the company to 291p. However, he maintained his 'buy' recommendation, pointing out that Faroe had enjoyed a 67% success rate in 2011, far exceeding the industry average. "The company has a further four wells to drill this year targeting 113 million barrels of oil equivalent, which if successful, could represent material upside for investors," he added. NOTE: There is more to FPM than the drilling. DYOR and GL
Good entry/top up as the sp settles. See the program for the exciting drilling campaign commencing full steam ahead. T-Rex will have given them very important data, a prize in itself. The drill looks well executed without problems, delivered just outside the time window and that only because of weather delay. Check the next drills, as a good result on T-Rex would have taken the sp well above the 200p IMO. With better luck on the next drill that will happen. Also Clapton looking very attractive, while West of Shetlands is 'history being made' ;-) DYOR and GL p.s. This a an upportunity!
Graham Stewart, Chief Executive of Faroe Petroleum, commented: "We are pleased to announce the presence of oil on both the T-Rex and the Bolan prospects, but are disappointed the reservoir intervals were not as thick as we had hoped for at this target location. The well does however provide very important new data and information which will allow further evaluation and de-risking of this exciting exploration province in which Faroe has a number of licences. This was Faroe's first well targeting Cretaceous reservoirs on the Halten Terrace, where we made the significant Maria discovery in 2010. In addition to our evaluation of the remaining potential on Licence PL431, we will apply these new data directly to calibrate and identify the follow-up potential of several Cretaceous potential prospects we have in this area." "As we continue with our significant multi-well drilling programme, we also look forward to the next exploration wells scheduled for the second quarter of 2012 being North Uist, west of the Shetlands (Faroe 6.25%), Clapton, in Norway (Faroe 40% and operator) and Cooper in Norway (Faroe 30%)."
Results of the T-Rex and Bolan exploration well, Norwegian Sea 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 that oil was discovered on both the T-Rex and Bolan exploration prospects in the Norwegian Sea (Faroe 30%), on licence PL431 (blocks 6506/12, 6406/2&3 part), but not in commercial quantities. The 6406/3-9 well, which is the first well to be drilled in the licence, reached a total depth of 4,183m within shales of the Lange Formation. The well targeted Lower Cretaceous sandstones of the Lange Formation (T-Rex) and Lysing Formation (Bolan). T-Rex was the primary target and preliminary results based on extensive coring, wireline logs and pressure data have confirmed the presence of oil, but in a thinner than expected reservoir interval, and the well will therefore not be production tested. Fluid samples were successfully recovered in T-Rex indicating oil of a quality in line with the fluids seen in the original discovery well 6506/11-2 (drilled by Statoil in 1991). The Bolan prospect in the shallower Lysing Formation also encountered an oil column, within an inter-bedded sandstone package. A similar extensive data gathering programme was performed on the Bolan prospect as with T-Rex. T-Rex and Bolan are situated next to the Statoil operated producing Smørbukk oil fields on the Halten Terrace in the Norwegian Sea. Both the T-Rex and Bolan discoveries extend potentially over very large areas within licence PL431. Additional evaluation is required in order to delineate the areal extent of the oil bearing layers, before any decisions in terms of a further appraisal programme can be made. The drilling operation was undertaken by Maersk Oil as operator (70% interest), using the Transocean Winner drilling rig, and the well is now being plugged and abandoned.
http://www.investegate.co.uk/Article.aspx?id=201203070740598506Y
http://www.faroe-petroleum.com/Default.aspx?pageid=1031&NewsItemID=11518 http://www.fp.fo/Default.aspx?pageid=998 http://www.subseaiq.com/data/Project.aspx?project_id=836&AspxAutoDetectCookieSupport=1 http://www.oilinfo.no/index.cfm?event=doLink&famId=267744 http://www.noreco.com/en/our-business/exploration1/pl440s-clapton/ http://www.marinetraffic.com/ais/nl/shipdetails.aspx?mmsi=563511000 http://www.youtube.com/watch?v=yTk13_sZKsQ http://www.youtube.com/watch?v=Vi5EPleIOoQ
http://www.klif.no/nyheter/dokumenter/maersk_trex_miljorisikoanalyse151110.pdf p7-10: Location/map, Key information on the well, The drilling rig, Well design and reservoir properties. p14: "As T-Rex is in an environmentally sensitive area and near vulnerable seabed communities, an assessment of environmental risk related to operational discharges has been included in the ERA. One should, however, keep in mind that T-Rex is located at Haltenbanken; a mature area with several producing fields." p19: "Based on information from Maersk Oil on the geological properties of the reservoir; an oil type with similar properties to the Morvin oil is expected if hydrocarbons are found in the prospect." and p56: "The area is well known by Maersk Oil, and based on the geological properties of the reservoirs that will be exploited, an oil type similar to the Morvin oil is expected if hydrocarbons are found in the prospects. p49: "Applications, permits and corresponding background documents from drilling operations during 2009 -2010 have been used for the qualitative analysis of T-Rex. Reference for this qualitative analysis for T-Rex includes relevant drilling operations like Fogelberg, Ronaldo, Pumbaa and Caerus." p70: "Fuegro Survey Ltd (2010). PL-431 Drilling hazard and habitat assement survey, Site survey preperad for maersk Oil." and p71: "Wellpro Academica. (2010). Well blowout and dynamic wellkill simulations Exploration well 6406/3-9 – T-Rex (PL 431) Maersk Oil Norway AS
116 days almost up. And in 41 days (apr10) the Transocean Winner is under contract with the next client. The Kalvklumpen drill... read somewhere they were drilling on bad old 2D seismics. Almost no chance from the start. Is that right? Any thoughts why they went after it? Good feeling about T-Rex. Hope it gives up its secrets and is good and fat updip! GLA
Posted by SpikeyDT on iii (who seems to be looking for a top up here ;-) : http://www.ft.com/cms/s/0/55f92808-6164-11e1-8a8e-00144feabdc0.html#axzz1ngn0QyeF Remember that FPM enjoys the Norwegian tax regiem and are drilling like... Well, no one else really!!!!! GLA
ehhh... guilty. Still holding some fat fingers shares there and would fancy a Take Over party at a castle ;-) But they won't. GL
Steady there!... talk like that will attract atttention from the PMG asylum *lol*
If this ain't a T/O candidate, I've never seen one. For a company this size FPM holds and handles its portfolio like the croupier of the North Sea. Their contacts and the current situation in the upstream business... Ask yourself: Which Major or ambitious 'peer' wouldn't want to get their hands on a selffunding FPM with these assets and prospects? LAST WARNING! GLA
http://www.ft.com/cms/s/0/6012733c-5f0f-11e1-9df6-00144feabdc0.html#axzz1nQyF4H67
http://www.investorschronicle.co.uk/2012/02/24/shares/news-and-analysis/the-oil-and-gas-wells-to-watch-Onkox5M4wFLu1Jbvxp3TDO/article.html Maersk took 70% and the operatorship from FPM (30%). It is Maersk's first operated drill in Norwegian waters and they will want to look good. T-Rex is a wildcat that could unlock a new play type in the area which is part of a very prolific oil region. If you like wildcats... how about going for a T-Rex?
Feels like News on Monday. GLA
Addendum For the perfect combination see what the contributors to the RKH board think about their BOD whom they believe can do no wrong and have divine guidance! Plus remarkable price advancement. Now thats a good combination and is it unreasonable to prefer both?
I assume that you buy shares to make a profit as do I. There is not much point in buying into a company which may have an excellent BOD etc. but whose excellence is not reflected in the share price of the company. Whatever happens in FPM never seems to have a lot of impact on the share price and has not done so since I have held them although I do believe them to be undervalued. I guess one example of where the company has its share price based pretty well totally on the reputation of its executives is PMG run by Tom Cross et al previously from Dana and the expectations from their previous record. I am now totally out of FPM, although I do expect some improvement in the medium term, and invested in the FI oilies instead where I see greater prospects of financial advancement particularly with FOGL. I guess its a case of you pays your money and takes your choice!!! ATB.
Your timing strikes me as odd and I notice you don't distinguish between the share and the company. If you are going to look for more volatility then you might want to spend a few thoughts on that. Wish you good luck.
Disagree. Obviously a well managed company and has great potential but it never seems to realize it. Has been operating in a very limited price range for a year now without showing any real sign of its capabilities. I am a long term holder for some years but am now looking for more volatility as is usual in an oil share. Have sold most of my holding and looking mainly Falklands wards. Sitting with a 68% profit on Rockhopper I would dispute the best company claim! However, best of luck to you.
Best oilcompany on AIM and almost results on one of the biggest drills near term. And still almost everybody insists on counting the mussels on the hulls of tugboats-perhaps-to-be-for-every-other-drill-but-T-rex. code 189
Dry well, down 6p and i haven't posted. Don't look at me!!!!!
http://www.regjeringen.no/en/dep/oed/whats-new/news/2012/apa-2011--awards.html?id=671297 http://www.pennenergy.com/index/articles/newsdisplay/1598890485.html Norway offers 60 new exploration licences to firms Jeremy Cresswell Aberdeen Press and Journal February 6, 2012 The Norwegian Ministry of Petroleum and Energy has offered 60 production licences in Norway's "Awards in Predefined Areas (APA) 2011 Round". The 60 licences are split between the North Sea (34), the Norwegian Sea (22), and the Barents Sea (four). A total of 43 companies applied for production licences in the APA 2011 Round. Statoil was offered eight operatorships; while Total was offered five; Lundin, E.On Ruhrgas, VNG, and Wintershall four each; Det Norske Oljeselskap and Faroe Petroleum three each; Maersk Oil, GDF Suez, OMV, Suncor, and Talisman Energy, two each; and 13 companies were offered single operatorships. (...) "
D'accord!
C'est la vie