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  5. Faroe Petroleum Says DNO Share Purchase From Delek Undervalues Company (ALLISS)

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Faroe Petroleum Says DNO Share Purchase From Delek Undervalues Company (ALLISS)

Wed, 04th Apr 2018 18:26

LONDON (Alliance News) - Faroe Petroleum PLC said Wednesday it has had "no discussions" with either DNO ASA or Delek Group Ltd over transactions in Faroe's shares.

On Wednesday morning, DNO said it had agreed to buy a 15% stake in Faroe from Delek. The deal covers 56.4 million Faroe shares, with the price being 125.00 pence per share, giving a total of GBP70.4 million.

Norwegian oil and gas firm DNO then earlier Wednesday afternoon invited Faroe shareholders to tender up to 10% of the latter's shares, whilst also saying it will not make an offer for the company.

DNO has engaged Pareto Securities AS to run the reverse bookbuild to acquire up to a further 10% of Faroe, with the price to be determined at a later stage, and the bookbuild will close by 0700 BST Thursday.

Faroe said it considers the price at which DNO purchased the shares from Delek to "substantially" undervalue the firm and its prospects.

Faroe shares closed up 12% on Wednesday at 117.80p.

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(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

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4 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

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4 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

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10 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

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3 Nov 2015 10:06

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BROKER RATINGS SUMMARY: Goldman Sachs Raises Standard Chartered To Buy

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23 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

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23 Sep 2015 08:03

Faroe Petroleum Says Second Exploration Well At Blink Spudded

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22 Sep 2015 10:33

Faroe Petroleum Swings To Small Profit As It Battles Lower Oil Prices

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17 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

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17 Sep 2015 08:22

Faroe Petroleum Finds Oil In Boomerang Exploration Well

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