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Gone quiet. Is there any action in California any time soon???

The Board of Spire rejected a cash & shares bid of £1.2billion last year from Mediclinic. Why are the Board (same as rejected the Mediclinic offer) not filling their boots with shares as the comparable value of the company today is sub £400million?????? Crazy.

I took a look. How can you compare a company with MASSIVE decomissioning liabiltiies RRE (1/3 of a billion £) to a company wth none??? Both companies are in the E&P sector that’s the only comparison. Pleas stop trying to muddy the waters of a pure exploration play. Good luck to you.

They should be concerned about the Turkish threats to Kurdistan!!!
Never mind Faroe!!!!

Understand everyone is frustrated but if you take United, Upland, Baron and Reabold as a group there hasn’t been very much drilling activity at all over the last 12-18 months; a small workover well in California and a small, low risk gas well in Italy. Truth is that well funded operators are required to generate drilling activity and none of these companies fit that description. Patience here will be rewarded imo.

We have to accept that their business model means they are always waiting for other companies to do stuff. I still have the faith and the investment but I can’t say I’m over the moon about more of our money going into Romania or Curlew (1977 discovery for goodness sake). I’d like to see other companies investing along with them in Romania.
Hopefully Wick & Colter action starts next week......but heard that cry before!! Realistically Jan if they complete the approvals etc. GLA.

Thanks, I will fill my other boot now with BOIL shares as they have the most leverage to this particular well result!! GLA.

Drill baby drill.
If either of the CEOs say “transformational” in their many PR interviews again I’m going to sell my shares.
It’s getting very tiresome. Plus in their narrative they are grossly oversimplifying the oil business. Companies do not just drill and sell. They have to appraise, evaluate, study and then eventually develop oil & gas reservoirs. That takes at least three things: time, technical expertise and capital. IMO their message needs to start reflecting this...GLA.

Good luck Allatsea.
I’m a buyer when they eventually sort out their management succession & structure etc.

Don’t know but the EU leaders will tell you! I suspect their full & final offer is about to change too!!
Assuming few takers at 152p at the first close date of 2 Jan they will surely increase their offer price to get a recommendation from the Faroe Board? I would guess 180p however with so much going on a Faroe it’s a difficult target for DNO. GLA.

This is throwback to the days of hostile E&P bids of the 80s & 90s! Great stuff.
Faroe Chairman’s quote basically saying “pay up” and DNO criticising the Faroe mgt and their track record, salary packages, asset sales etc etc and then saying they want them all to stay?!
Surely the advisors now sit round a table and thrash out a deal for a higher offer price? No question that DNO need the diversification of assets away from Kurdistan region. Oil rich but so unstable. One ISIS incursion there and the DNO share price hits the skids.

An ironic comment on the 10th anniversary of Bernie Madoff’s “outing”.

I would guess it would take 4 to 5 days to tow the rig approx 600 nautical miles from Wick to the channel.

Agreed as we then have Colter well spudding shortly after Wick with the same rig according to the CEO interview.

Sorry to be pedantic but surely Faroe is a US dollar business? I doubt they spend or earn very much in pounds sterling. So if the pound collapses any further against the $ then Faroe is worth more in £ terms.
I agree DNO will wait they’d look silly doing anything else tbh. After their recent comments about the Faroe asset swap deal I’d be surprised if they increased their offer by very much or at all. Faroe also have several exploration wells currently drilling and if they prove to be “successful” how do DNO provide value for those assets? Tricky.

A well spud for Christmas? Could be my best present!

Hmm. RBD certainly proves that giving people cash is easier than drilling discovery wells. Come on chaps....

Why the hell don’t the Board use some of the £11billion of cash to buy shares back at 380p rather than above £5per share? Or does their lunch club not meet during December? Also nice to see them move swiftly and decisively to appoint a new CEO! Honestly incompetence perfectly formed.

Good luck nuri.
The truck is loaded with cash but the problem is that the “market” doesn’t think there’s a driver :(

Yup that’s the one. Agreed, thinking about it DNO could hardly say “well done lads”!
Undoubtedly a good deal for Faroe as it massively improves their balance sheet and reduces their short term development capex requirements. Faroe have several other existing discoveries and hopefully future discoveries to be financed through development. I know not everybody agrees with me but I think this is a really excellent management team and it would be a shame to see them subsumed into a foreign company.