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and with any luck we should get a nice bounce upwards from here - hugely over-sold cannot stay this low - imo dyor
Sept 22 (Reuters) - Faroe Petroleum PLC: * Goldman Sachs raises Faroe Petroleum Plc pricetarget to 261P from 252P For a summary of rating actions and price target changes on European companies
Graham Stewart, Chief Executive, commented: "We have made excellent progress so far in 2011, resulting in a significant boost to production, proven reserves and cash flow, and following the period end, after the disappointing result from Lagavulin announced in June, we made an important new discovery west of the Shetlands on Fulla which was announced in August 2011. The acquisition of 18% of Blane was completed in May and we also agreed a ground-breaking deal to monetise our significant 2010 Maria discovery by swapping it for high quality, long life oil and gas production from four Norwegian fields. This again demonstrates Faroe's ability to deliver solid value for shareholders through the drill-bit. The resultant cash flow from our new production combined with cash balances and available debt facilities ensures we are well funded to continue to drive value for shareholders." ''Faroe has an exciting drilling programme ahead with up to five material exploration and appraisal wells per annum targeted over the next three years alone. Following our successfully operated Fulla discovery in the West of Shetlands, we are preparing for drilling on our first operated exploration well in Norway in early 2012, which will target the exciting Clapton prospect in the North Sea."
Post-Balance Sheet Events * Discovery on Fulla, west of Shetland, Faroe's first operated well - announced 24 August 2011 * Refinancing and significant expansion of credit facilities completed in July 2011 * $250m (approx. £156m) reserve based lending facility comprising $125m committed plus $125m uncommitted; and * NOK1bn (approx. £110m) Norwegian exploration facility, comprising NOK500m committed plus NOK500m uncommitted Outlook * Exciting drilling programme continues, targeting up to five material wells per year * 12 exploration and appraisal wells in firm and expected programme to end 2013, including three 2H 2011 Norway wells: Butch (drilling), Kalvklumpen and T-Rex * Significant drilling programme lined up for 2012, including Clapton, Faroe's first operated well in Norway * Active preparations to secure further licences in near-term licensing rounds * Well positioned to achieve significant programme expansion and growth in portfolio value
Faroe Petroleum, the independent oil and gas group focused on oil and gas exploration and production in the Atlantic Margin, Norway and the North Sea, announces its unaudited Interim Results for the six months ended 30 June 2011. Highlights Activity * Completion of Blane acquisition * Produced an average of 2,056 boepd in the half year * £27.8m proceeds from sale of pre-completion inventory reduces effective deal cost to £31.2m * Significant transaction in Norway to swap Faroe's Maria discovery for non- operated stakes in good quality producing fields ("Petoro Assets") * Petoro Assets are expected to generate average production in 2011 of 7,300 boepd * Completion of transaction expected in Q4 2011 * Deep water, frontier Lagavulin exploration well, west of Shetlands completed - hydrocarbon system encountered but not commercial Financial * Turnover increased four-fold to £40.1m (1H 2010: £9.3m) * Gross profit increased five-fold to £6.7m (1H 2010: £1.3m) * Loss before tax of £24.0m (1H 2010: £3.8m) * Includes expensed exploration costs of £25.9m (1H 2010: £2.6m) * Excludes substantial income from Petoro Assets pre-completion * Adjusted cash[1] of £82.9m at 30 June 2011 (31 December 2010: £132.2m) * Forward drilling programme fully funded from cash resources and production cash flow
http://www.investegate.co.uk/Article.aspx?id=20110920070000H7764
which is the highest price paid in a month - 225p here we come !!! - imo dyor
anybody here.....we're going up.......lp 162-165.guess everyones in gkp or char...gl if your in!!
Yeas I agree.. We are still in the RBS top list of 'What to Buy' shares that was renewed yesterday. Soo much potential and good news on the way .. GLA
should push into the 170-180p range within the next wek or two - in my opinion (though probably still very gradual which is fine - better that way as its gains are easier to maintain) - imo dyor
as if further confirmation was needed - british bulls said BUY @ 158p on 31 August 2011 - - - - - http://www.britishbulls.com/StockPage.asp?CompanyTicker=FPM&MarketTicker=OilandGas&Typ=S
"could be worth" says Kith Morris of Evolution Securities
Faroe secured the West of Shetlands acreage in 2005 and had long sought farm-in partners to drill this key well until COPL came onboard in December 2010; eyebrows were raised that key players in these Atlantic Margin waters, such as neighbouring BP, did not participate in the project. Faroe has taken the first key step to derisk Fulla but more work will be required to demonstrate that this reservoir is capable of flowing at commercial rates. In the near-term, investors will be keen for details of the oil samples recovered and for next steps at Fulla and Freya. Even though there is still much to be done, analysts cheered the Fulla well result, which not only demonstrated the AIM-quoted company’s technical ability but also its operational credibility for delivering the well safely and on time and within budget in these challenging waters. There is still much work to be done to de-risk the find – flow rates will be critical – and there is a good chance that Faroe will opt to trade the asset rather than tackle the development inhouse. Evolution Securities analyst Keith Morris, who reckons a joint Fulla/Freya discovery could be worth around 50 pence per share fully unrisked, pointed out that “Faroe as an astute trader of assets could look to dispose of these undeveloped finds to realise the value the market is currently ignoring”. RBC analyst Phil Corbett, who puts a 220 pence price target on the stock, also noted the company’s “entrepreneurial flair for monetising discoveries and/or acquiring production”. This flair was demonstrated earlier this year when the company traded its 2010 Maria oil discovery in Norwegian assets for some 8,400 boepd of production from interests in the Brage, Njord, Ringhorne East and Jotun fields and 17 million boe of 2P reserves on the Norwegian Continental Shelf. These kinds of deals enable Faroe to realize shareholder value from its aggressive exploration schedule and, with the backing of solid production and reserves, raise the necessary funding to drill the kind of wells that can deliver that shareholder value. So far, analysts like the strategy - even if, as many agree, its successes are presently little reflected in the share price amid the ongoing market gloom and volatility. - - - - http://oilbarrel.com/news/faroe-petroleum-gains-as-it-delivers-fulla-oil-strike
August 31, 2011 Faroe Petroleum Gains As It Delivers Fulla Oil Strike Faroe Petroleum jumped 15 per cent recently to 159p after its first operated well, targeting the West of Shetland Fulla oil prospect, hit a better-than-expected 45 foot net oil column. This is quite a coup for the Aberdeen-headquartered oil company as these Atlantic Margin waters tend to be the preserve of Big Oil; £337 million market cap Faroe could now be sitting on a potential joint development of Fulla with the 1980s Freya oil discovery. Faroe has a 50 per cent interest in the Fulla well – 60 per cent of the costs of which were borne by farm-in partner Canadian Overseas Petroleum Limited – which was drilled to a total depth of 7,711 feet in 400 feet of water some 31 km to the north east of BP’s producing Clair oilfield. The well found a gross oil column of 133 feet and a net oil column of 45 ft, with average porosity of 23 per cent. Reservoir quality was better than expected and there were good indications of mobile oil. Samples were recovered and will be analysed in the coming weeks to provide further data on the find, which chief executive Graham Stewart said was a potential candidate for “a commercial field development, most likely in combination with our nearby Freya discovery”. The successful recovery of oil samples is good news as this proved difficult at Freya and a number of Clair appraisal wells. Mobil’s 1980 Freya oil discovery (now under Faroe’s operatorship) encountered 140 metres of oil-bearing Devonian Clair reservoir sands but failed to produce a valid surface oil sample. BP’s 1977 Clair discovery also languished for a couple of decades due to concerns about reservoir deliverability until technology moved on and horizontal drilling proved the key to unlocking the complex geology. Clair finally came onstream in 2005 and has now produced more than 75 million barrels with current output running at 40,000 bpd. - - - - - http://oilbarrel.com/news/faroe-petroleum-gains-as-it-delivers-fulla-oil-strike
will test the 225p high within months at this gradual rate - in my opinion - a hugely under-rated oily
Apparently the Faroese eat gannet chicks!!! I think its called 'guga' - not convinced of the delicacy myself though! You might want to take a few Pot Noodles with you just in case!
unstoppable now in my estimation
The Company is well financed with a fully funded drilling programme extending into 2013 and has highly experienced technical teams at the leading edge of seismic and geological interpretation, reservoir engineering and field development, focused on creating exceptional value for its shareholders. - - - - The Company has, through successive licence applications and acquisitions, built a substantial portfolio of exploration, appraisal, development and production assets across the Atlantic Margin, the UK and Norwegian North Sea and the Norwegian Sea. Faroe Petroleum has extensive experience working with major oil companies and its joint venture partners include BP, Chevron, DONG, ENI, E.ON Ruhrgas, GDF, OMV, RWE Dea, Statoil and Wintershall. The Company’s licence portfolio provides considerable spread of risk and reward, encompassing over 40 licences located in the West of Shetlands, offshore the Faroe Islands, the UK North Sea and Norway. In addition Faroe Petroleum currently has interests in six producing oil and gas fields in the UK and Norway, including the recently completed acquisition of an 18% equity interest in the Blane oil field in the UK. Faroe Petroleum announced in April 2011 the swap of its 30% interest in the Maria discovery in Norway for interests in the producing Njord, Brage and Ringhorne East fields in Norway, in a transaction with state-owned Petoro. The Company has delivered considerable exploration success in the past two years with five significant discoveries spanning the West of Shetlands and Norway. Faroe Petroleum is quoted on the AIM Market of London Stock Exchange plc with offices in Aberdeen, Stavanger and Torshavn
Graham Stewart, Chief Executive of Faroe Petroleum plc, commented: “We are very pleased with the positive outcome of this frontier West of Shetlands exploration well. To announce a discovery in our first operated well is a significant achievement for Faroe Petroleum and is a realisation of the team’s vision and ability. Further work will be conducted in the coming weeks to gain a deeper understanding of the structure and its contents. With better than expected reservoir quality and good indications of mobile oil, we believe there is potential for a commercial field development, most likely in combination with our nearby Freya discovery. Faroe Petroleum applied for and won this licence, which also contains the Freya discovery to the south, in the 22nd UK Licensing Round in 2005, and has worked continuously to de-risk this opportunity. This important new Fulla discovery is a great testament to the diligence and skill of our technical team. We look forward to three further exploration wells to be drilled in Norway this year. The Butch well with Centrica as operator is currently drilling, and we have two further wells, T-Rex and Kalvklumpen planned to commence in the coming months. ”
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, is pleased to announce an oil discovery in its first operated exploration well on the Fulla prospect in the west of Shetland (Faroe Petroleum 50% and operator). - - - - Highlights - - - - The 206/5a-3 exploration well discovers oil in the Fulla prospect The well penetrated a gross oil column in the well of 133 feet and a net oil column of 45 ft. Reservoir quality is better than expected. The oil has been sampled and details of the oil quality will be confirmed by further analysis conducted in the onshore laboratory. Faroe’s first operated exploration well has been successfully drilled in accordance with UK's HSE guidelines. Well 206/5a-3 on the Fulla prospect was spudded on 6th July 2011 and was drilled to a total depth of 7,711 feet total vertical depth sub-sea (TVDSS) in 407 feet water depth. This Atlantic Margin well, located 31 kilometres to the north east of the BP-operated Clair field platform, was targeting potentially oil-bearing Clair and Whiting reservoir sands with the primary objectives of confirming hydrocarbons within the structure and, if present, running a comprehensive suite of wireline logs and obtaining representative oil samples. - - - - http://www.faroe-petroleum.com/Default.aspx?pageid=1031
200p now the market sentiment is improving
heading for 220p target of RBS perhaps?
Thu, 25th Aug 2011 08:14 Aug 25 (Reuters) - Faroe Petroleum PLC: * RBS raises Faroe Petroleum price target to 220Pfrom 200P; rating buy
First trade today! We missed your input. I DID snuck back into AU. for a small punt about 2 weeks ago, happiness!
Published Date: 25 August 2011 By Dominic Jeff Business Reporter Scottish oil explorer Faroe Petroleum saw its shares soar yesterday after it struck oil west of the Shetlands. The discovery boosts hopes that the Atlantic Margin area west of Shetland could provide the next generation of North Sea oil, and came as another British firm, Tullow Oil, posted soaring first-half profits on the back of high crude prices and ramped up production in Africa.