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Quote from the DNO website: “We are agile. We are flexible. We are resilient. We are DNO.”
DNO don’t lack in confidence and I suspect they are not going away. It wouldn’t surprise me to see them sit with a larger minority stake in Faroe Petroleum as long as they can get some Board representation. After all RAK Petroleum currently owns 40.45% of DNO and 33.33% of the delightfully named Foxtrot International LDC who operate in Cote D’Ivoire. So mintorty investments are in the DNO DNA. Sorry couldn’t resist!

Ensco should be taking their lights down tomorrow after the 12th day!
Massive bid:offer spread (28.5%) and massive share selling. Not much to look forward to here it seems :(

Agreed, it’s going to be a difficult second half for the Faroe defence!! However they have played a great holding game over many months. GLAH.

Nope don’t think so. Usually the “squeeze out” ie. compulsory purchase of shares is when the bidder gets to 90% acceptances.

This one takes the biscuit for 2018 (sorry).

Judging by the DNO comments this morning if they don't get control, the Faroe directors will need to get a supply of hard hats from the rigs just to attend the Board Meetings!!
This is a small (but real) test for U.K. Institutional shareholders. Back a proven mgt team or take the DNO cash!!!
Close call....

Electric logs need to be run before my they know if any oil shows in the mud returns are any more than just “shows”. Presumably they are running with a logging while drilling tool just above the drill bit? To be sure they will probably also take pressure readings and sidewall cores etc to confirm if it is the reservoir rock they are looking for. Personally I expect them to complete all the drilling before they announce anything.

One or both the planned U.K. wells have to find oil in order for BOIL to continue in my opinion. Colter is lower risk than Wick as there is already a well on the Colter structure that discovered oil. Two discoveries would be brilliant and BOIL have enough cash in the bank after drilling them to look for a buyer at their leisure. 100% they will look for a buyer and try to sell either the projects or the company. GLAH.

Ok I assume DNO got very few acceptances by 2pm today from the other Faroe shareholders. Plus I understand DNO have to question the credibility of the assumptions in the Gaffney Cline CPR statement (oil price assumption optimistic and is G&A, Corp overhead and southern gas decommissioning costs included in the NPV etc).
However they also claim 1. The Faroe crown jewel project has been given away in the Equinor swap deal plus
2. Brasse developmemt project (35%) of the total company value is 2 or 3 years delayed and commercial agreements not finalised, Brasse East is not there etc they are basically questioning its viability.
Why the devil do they want to buy Faroe then?

Lunchtime tomorrow for the DNO bid deadline acceptances at 152p per share. No way will DNO achieve 57% acceptances IMO. Bid will probably be extended and perhaps they will raise the offer price in spite of their harsh words about Faroe management, strategy, field development progress and decommissioning cash availability! I know it’s a game, but you’ve really got to wonder why DNO want to buy Faroe so much if they really think it’s such a badly tun bag of nails!!

If oil is discovered in commercial quantities in the Wick and Colter licence areas I don’t think any of the partners would object to selling their interests to larger oil companies who can develop the fields. The only question is when is the best time to sell to maximise value!! This particular investment has several entry points (Upland, United, Corallion (RBD) and Baron Oil). Biggest “upside” position is Baron Oil but got to overcome their enormous bid:offer spread though...!

The good news is that if they make a discovery the cost of the development will be minimal. Onshore facilities and 30 day wells!!?,

Let us know if you see a flare :))

He sold the “sizzle” and now he’s eating the steak! Honestly cannot believe he was allowed to sell any shares by their Board and advisors when the only cash they generated was from two share placings.

Happy New Year to you.
Our Board had their opportunity to sell the company but for whatever their reasons, they didn't!
It's hard to see a sustained sp recovery in the short-term as their results are trending in the wrong direction and the market place they operate in is difficult. Plus their hospitals require massive capex and they have way too many beds for modern outpatient surgery requirements.
Personally I'd be happy if they stabilised trading and agreed a new bank deal in 2019. That would at least mark the start of the long march back to credibility that was tossed away by the top team late last year.
Mediclinic may possibly return for a second bite but I'd be surprised if they did until UK the private hospital market perks up a bit.
Until then it's probably a day traders stock sadly.

No doubt the Ocado crystal ball in 2019 will bring more really, really long term "deals" in China, India and then perhaps on Mars? I wouldn't fear competition too much.
#just getting started :)

I watched the CEO's video presentation on the Baron Oil website. He mentioned that Colter "could potentially be much bigger than they thought" if the upcoming well result encountered enough Sherwood sandstone. Does anyone have a clue as to how big Colter could potentially be? He also said it could be developed from and tied back to the existing Wytch Farm oil field. Pretty exciting stuff tbh.

Hold your nerve Captain Mainwaring!!!
Faroe's assets & mgt haven't changed overnight.
Sunday newspapers will probably carry a story or two!!!

No, but if you buy a little tent you and set up on the edge of the cliffs with a pair of binoculars you look out for a flare :))

Values a successful 1st Wick well at 7.38p per share of asset value for BOIL. Worth keeping an eye out for the result.