Faroe Petroleum Plc Share News (FPM)
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FPMWed, 04th Apr 2018 17:03
DNO has engaged Pareto Securities AS to run the reverse bookbuild to acquire up to 10% of Faroe, with the price to be determined later, with the bookbuild to close by 0700 BST Thursday.
Earlier Wednesday, DNO agreed to buy a 15% stake in Faroe from Delek Group Ltd. The deal covers 56.4 million Faroe shares, with the price being
Faroe shares ended up 12% on Wednesday at 117.80p.
** Cavendish AM fund manager Paul Mumford goes against the grain & buys shares in small E&P cos on the cheap in aftermath of savage sell-off in crude oil over last 6 mths ** Faroe Petroleum, Ithaca Energy & Circle Oil all stocks he has bought in last few days Chart: http://link.reuter
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Stocks in the oil producing and oil services sectors were hit by renewed selling pressure on Wednesday as crude prices dropped to fresh five-year lows. A weaker demand forecast from OPEC and a surprise increase in US crude inventories were weighing heavily on oil prices in afternoon trade, with Bren
Read moreWesthouse Securities has called for investors in the oil and gas sector to be a "bit more patient" with oil prices currently rumbling along at multi-year lows, as it highlighted buying opportunities in the sector. Brent crude has now fallen over 25% to $79 a barrel since hitting a high of $115 a bar
Read moreAmec: UBS cuts target price from 1185p to 1150p, while its buy recommendation remains unchanged. Afren: Liberum Capital cuts target price from 121p to 95p and stays with its hold recommendation. Antofagasta: Canaccord cuts target price from 790p to 760p and reiterates a hold recommendation. Associ
Read moreAfren: Credit Suisse lowers target price from 132p to 115p staying with its outperform rating. African Barrick Gold: Westhouse moves target price from 230p to 240p and keeps an add rating. Anglo American: Investec reduces target price from 1603p to 1588p and keeps a buy recommendation. APR Energy:
Read moreAfren: Investec cuts target price from 195p to 120p and reiterates its hold recommendation. Amerisur Resources: Investec lowers target price from 75p to 65p and maintains a buy recommendation. Antofagasta: UBS upgrades from sell to neutral with a target price of 710p. ARM Holdings: Credit Suisse r
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