17 Dec 2015 12:27
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Don't have an account? Click here to register.DNO ups offer for Faroe Petroleum to 160p per share
Wed, 09th Jan 2019 08:20
(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.DNO now owns or has acceptances for 195.52m Faroe shares, roughly 52.44% of the company's issued share capital - just short of the 57.5% needed by the Scandinavian firm.DNO intends to extend the offer, which effectively valued the firm at £641.7m, until 17 January despite the downturn in markets since its initial offer on 26 November.Faroe had insisted on multiple occasions that the offer was opportunistic and that it significantly undervalued the group, which, according to an independent valuation by Gaffney, Cline & Associates, had an implied valuation of 186p to 225p per share based on its $1bn of assets.As of 0820 GMT, Faroe shares had slid 0.13% 160.20p.
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4 Dec 2015 12:46
UPDATE 1-Oil firms pile in as Norway moves exploration closer to Russia
(Adds comments by minister, applicants, background) OSLO, Dec 4 (Reuters) - Norway has received applications from 26 oil firms seeking drilling permissions in a licensing round set to move the search for hydrocarbons closer to its border with Russia, the country's Oil and Energy Ministry sa
Read more4 Dec 2015 10:28
RPT-Oil firms pile in as Norway moves exploration closer to Russia
(Repeats to attach alerts to article, no changes in text) OSLO, Dec 4 (Reuters) - Norway has received applications from 26 oil firms seeking drilling permissions in a licencing round set to move the search for hydrocarbons closer to its border with Russia, the country's Oil and Energy Minis
Read more4 Dec 2015 10:27
Oil firms pile in as Norway moves exploration closer to Russia
OSLO, Dec 4 (Reuters) - Norway has received applications from 26 oil firms seeking drilling permissions in a licencing round set to move the search for hydrocarbons closer to its border with Russia, the country's Oil and Energy Ministry said on Friday. Applicants in the so-called 23rd round
Read more10 Nov 2015 10:00
Barclays downgrades Premier Oil, Cairn Energy
(ShareCast News) - Barclays has downgraded Cairn Energy and Premier Oil and initiated on Faroe Petroleum with a neutral stance as it believes the trio are eclipsed by other stocks in the sector that currently offer a more attractive valuations. Cairn Energy is lowered to 'underweight' from 'equalwei
Read more23 Sep 2015 09:20
Faroe Petroleum begins work on second Blink prospect well
(ShareCast News) - Oil and gas company Faroe Petroleum has begun work on the second Pil/Bue follow-up well on the Blink prospect in the Norwegian Sea. Faroe said the 6406/12-5S exploration well, in which it owns a 25% stake, has been spudded. Chief executive Graham Stewart said: "I am very pleased
Read more17 Sep 2015 15:26
Faroe Petroleum finds oil in Boomerang well
(ShareCast News) - Faroe Petroleum has struck oil in the main bore of the Boomerang exploration well at the Pil/Blue discovery in the Norwegian Sea. The AIM-listed oil and gas company, which has a 25% interest in the project, said the well encountered good reservoir properties and moveable oil with
Read more17 Sep 2015 08:22