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Barclays names Ophir Energy 'top-pick', upgrades Premier Oil

Tue, 21st Jun 2016 14:46

(ShareCast News) - Analysts at Barclays re-jigged their recommendations on European Exploration and Production companies in order to take into account the recent rise in crude oil prices and improved investor sentiment regarding companies´ ability to execute to plan operationally. In the process they upgraded their recommendation on shares of Ophir Energy and Premier Oil while downgrading stock in Det Norske, Genel and Ithaca Energy."Those two points appear to have been enough to see many investors revisit the sector with more forward-looking optimism in recent months and increasingly ascribe value to delivery of 2016 operational goals," the analysts said in a research note sent to clients on 21 June.With crude oil futures having recovered to $50 per barrel, equity analysts at Barclays opted to 'mark-to-market' their price assumptions, increasing their 2016 Brent forecast to $44 a barrel and nudging their 2017 estimate from $55 a barrel to $57.The broker also continued to factor in a gradual recovery in oil to $70 per barrel from 2018 onwards.On the basis of the above, it rollowed forward its net asset value estimates by one year to the end of 2016. As a result, Ophir Energy was now their 'top-pick' and not DNO, Premier Oil was upgraded from 'equal-weight' to 'overweight' and Tullow Oil kept at 'overweight'.Det Norske was downgraded from 'equalweight' to 'underweight, Genel Energy from 'overweight' to 'underweight', Ithaca Energy from 'overweight' to 'equalweight' and Soco International kept at 'underweight'.Ithaca Energy and Premier Oil saw the largest uplift to their estimates of tangible NAV - the primary driver of their target prices - while Ophir Energy and DNO continued to trade at the "deepest discounts" to tangible NAV (49% and 37%, respectively), which reflected stock-specific factors that Barclays believed both companies could continue to address over coming months.In the case of Enquest, Barclays pointed out its investments in projects with "sub-optimal returns in the current oil price environments", whereas reduced levels of activity were weighing down on Bowleven, Faroe Petroleum and Soco International.Barclays stuck to its 'neutral' stance on the European E&P sector.
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8 Dec 2023 14:00

Longboat Energy inks farm-down deals with Concedo

(Sharecast News) - Norway and Malaysia-focused exploration and production company Longboat Energy announced a significant development through its subsidiary Longboat Japex on the Norwegian Continental Shelf (NCS) on Friday.

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23 Sep 2022 13:22

Longboat Energy upbeat on drilling at OMV licence

(Sharecast News) - Emerging explorer and producer Longboat Energy announced the encounter of hydrocarbons in the OMV-operated exploration well 30/5-4S on Friday, where it has a 20% interest.

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4 Feb 2019 10:47

DNO Begins Compulsory Purchases As Faroe Petroleum Stake Passes 90% (ALLISS)

LONDON (Alliance News) - Norway's DNO ASA is to move to acquire the rest of Faroe Petroleum PLC's shares, with its control now standing at 96% after purchases on Friday.DNO said it

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28 Jan 2019 17:36

Faroe Petroleum Directors Resign After Takeover, New Chair Joins

LONDON (Alliance News) - Faroe Petroleum PLC on Monday said that Bjorn Dale and Orjan Gjerde have been appointed as chair and non-executive director of the company respectively, with immediate and

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17 Jan 2019 15:31

Faroe Awarded Eight New Exploration Licences In Norwegian North Sea

LONDON (Alliance News) - Faroe Petroleum PLC on Thursday said it has been awarded eight new prospective exploration licences in the Norwegian North Sea.These licences include the Edinburgh

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16 Jan 2019 10:45

Faroe Petroleum Enters Partnership With Shell Unit Ahead Of Delisting (ALLISS)

LONDON (Alliance News) - Faroe Petroleum PLC on Wednesday said it inked a partnership with subsidiaries of Royal Dutch Shell PLC and Spirit Energy Ltd for the development of the large, Edinburgh a

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11 Jan 2019 16:08

UPDATE: Faroe Petroleum Directors To Resign Following DNO Buy (ALLISS)

LONDON (Alliance News) - Norway's DNO ASA said Friday it has acquired a further 3.7% of Faroe Petroleum PLC at 160 pence per share.Taking into account the 13.7 million shares purchased

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11 Jan 2019 14:08

Faroe Petroleum To Revise Brasse Gross Volumes After Appraisal Work

LONDON (Alliance News) - Takeover target Faroe Petroleum PLC on Friday said it would be revising the range of recoverable hydrocarbons at the Brasse field.Faroe has been drilling a well at

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11 Jan 2019 08:43

DNO Passes 75% De-Listing Threshold With Latest Faroe Petroleum Buy (ALLISS)

LONDON (Alliance News) - Norway's DNO ASA said Friday it has acquired a further 3.7% of Faroe Petroleum PLC at 160 pence per share.Taking into account the 13.7 million shares purchased

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11 Jan 2019 07:44

LONDON MARKET PRE-OPEN: Flybe Agrees To Takeover By Stobart And Virgin

LONDON (Alliance News) - Stock prices in London are called higher Friday, with markets optimistic despite a lack of any concrete progress from trade talks between the US and China.In company news,

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10 Jan 2019 09:43

Faroe Petroleum De-Listing Looms After Further DNO Purchase (ALLISS)

LONDON (Alliance News) - DNO ASA on Thursday said it has bought a further 20% of Faroe Petroleum, meaning it is approaching the threshold for de-listing the stock from AIM.On Wednesday, the

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9 Jan 2019 15:44

UPDATE: Faroe Investor Sells Stake On "Unacceptable" DNO Offer (ALLISS)

LONDON (Alliance News) - Faroe Petroleum PLC investor Cavendish Asset Management Ltd said Wednesday DNO ASA's offer for the UK oil producer is "unacceptable" and has sold its stake a

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9 Jan 2019 10:57

UPDATE: Faroe Petroleum Board Accepts Latest DNO Offer Despite Concern

LONDON (Alliance News) - Faroe Petroleum PLC on Wednesday told shareholders to accept DNO ASA's latest offer, given it is set to become unconditional, despite not believing it represents a DNO

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9 Jan 2019 09:33

Acceptances For DNO's Faroe Petroleum Hostile Takeover Offer Pass 50% (ALLISS)

LONDON (Alliance News) - Norway's DNO ASA on Wednesday said it has bought a further 8.7% of Faroe Petroleum PLC, its GBP640 million takeover offer now has more than 50% acceptances.The

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9 Jan 2019 08:20

DNO ups offer for Faroe Petroleum to 160p per share

(Sharecast News) - Norwegian oil producer DNO has acquired a further 32.25m shares in AIM-listed producer Faroe Petroleum after it upped its cash offer for the group to 160p per share after the close on Tuesday.

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