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It's all a bit of a red herring really. As an institutional investor, if I wanted to buy �100k worth for example, the price has nothing to do with it. There's no guarantee that it would cause market makers to narrow their spreads - and any institution has their own dealing team anyway so will always trade within the spread. If I wanted to invest my fund in Sareum, it wouldn't bother me if I had 100,000,000 shares or 100,000. I deal in percentages

interims have only ever been as late as March once before - in 2008.

Welcome Springer10. There are three lots of results due (Butch East, Pil and the Bue sidetrack, which is linked to Pil) - the indication from brokers post the acquisition of the assets from Tullow was that these have been delayed slightly and mid-May rather than early May is the likely timeline. They aren't the operator of either of these drills so it's not their timing issue - hopefully it's because there's just SO much oil (you can dream). Specifically in terms of Butch East, operated by Centrica in which Faroe has a 15% WI, it is drilling Butch East and Butch SW back to back with multiple sides tracks. It may also production test - so with all this going on, I can see it delayed further. The company thinks that we could see a more than four-fold increase in the field size - at present, it estimates Butch E to be in the range of 13-260 mmboe and Butch SW to be 10-190 mmboe. The high end of estimates depends on oil migrating from the Butch structure to other traps and the apparent salt dome structure in the field has a greater chance of having acted as a low-risk trapping mechanism. The risk is that both of these prospects are quite shallow - do there is a risk of trap breach. From looking at analyst reports, the suggestion is that good news from both could be worth up to about 40p on the share price from what is currently factored in. The Pil sidetracks and the Bue prospects are worth more - especially given the potential for follow up wells. It all appears incredibly bullish - but just to temper this, they're not the first E&P to have great prospects and if results aren't as good as they've been so far this year, they won't be the first to crash and burn! Hope that makes sense

agree - the results have been delayed a little and now expected in around 2 weeks.

The Bue sidetrack by mid-May (12p value unrisked) and Butch East imminent (20p unrisked but a massive range in terms of company guidance for size and fills of the structure) are keeping the interest going here in my opinion.

• WHAT’S THIS ALL WORTH? • The 50-170mm boe range at Pil equates to 31p-106p/share; • Upside from the sidetrack/Bue could add ~90p of value; • Solberg/Rodriguez is probably net neutral; • In addition, news from Butch East is still awaited where the company has exposure to up to 260mm bbls (worth 11p-68p/share risked/fully unrisked); • Again, I would draw investors to the flip side of the argument – what is your downside from here? • With a core NAV (ie producing assets plus cash) of 86p, plus contingent (discoveries yet to be developed) of an additional 43p….you can now add ~15-20p for Pil as it is a proven discovery with contingent resources; • SO ~145-150p of Core+Contingent vs a share price of 140p this morning…with a sidetrack that could add a further 70p of upside, plus Bue which could add ~20p, plus Butch East which could add 68p – all within the next two months; • On top of this near-term interest, we believe that the broader investment case for FPM remains incredibly strong: you buy FPM for a genuinely diversified exploration portfolio which is well financed, with cashflow being just a small contributor to balance sheet strength: $250M undrawn RBL facility; Norwegian facility of £110M equivalent; UK tax losses of £75M; ~£40M cash; • Fundamentally undervalued with multiple catalysts on the immediate horizon, I would be aggressively adding at current levels. STRONG BUY

agree - Solberg a little disappointing in my view, probably worth 2-3p off the NAV. But as you say, Pil could be a big game changer. And the broker view is that we get Butch East within the next 10 days as well. Happy days

Call with COO on this morning’s discovery at Pil • Seems like a materially larger discovery than pre-drill estimates 16-56MMbboe. The initial pre-drill volumes were driven by a ‘flat spot’ on the seismic which was interpreted to be the oil-water-contact, however this has turned out to be the gas-oil-contact, the implication being that the high end of the pre-drill volume range (56MMboe) is likely to represent just the gas cap to what is thought could be a much larger discovery with oil beneath it. •Recoverable volumes could turn out to be >2x as big as the pre-drill estimates. •In the next two days VNG (operator) will get to TD before rigging up to carry out the drill stem test (DST), which will take a few weeks. They will then announce the DST results around mid to end March and then also confirm the sidetrack, the results of the side track will be known around mid to end April. •Subject to positive DST results it is expected the discovery will be comfortably commercial. The Jurassic Rogn is a good reservoir, for example it is the main producing formation at the large Draugen field c60km away. •Importantly it was indicated there are also several other look-a-like prospects on the licence of similar size. VNG could get around to testing the first of these as early as this autumn. •Pil, like Hyme and Snilehorn will probably ultimately be tied back to the Njord production hub facilities and gives Faroe even more motivation to ensure the Nojord facilities are ready to take oil and gas production for another 20-30 years. •Elsewhere it was suggested the results from the currently drilling Solberg well will be known in the next week or two, with Butch East then to follow in c2-3weeks.

Hi Tailender Think there's a couple of dynamics at work here. There was a bit of disappointment that Novus wasn't commercial on its own. This news was on 27 Jan and was probably worth 6p from the share price. And second, there has been a bit more market interest in the oil majors recently at the expense of the smaller E&P's. Over the next couple of month's we get results from Butch East, Pil and Solberg. Plus there will be the initiation of coverage from the old Macquarie boys who are now at Jeffries. Faroe is their favourite so we should get a bit of a push then as well. But 105p is ridiculous. I think fair value now is in excess of 130p even before the three drill results over the next couple of months. Also, check out the company presentation published today on the Faroe website.

From brokers following today's Norwegian North Sea licence awards. Faroe has repeated its success of reent years concludes RBC

The stock closed up 7.6 % in New York trading this evening (well, the Adr's did). They gained about 6% from where they were trading per the announcement - so that would indicate c. 100p up at opening. However, the ADRs aren't that heavily traded so a better guide will be the heavily traded Hong Kong stock - I think HK hours are 1am UK time until 8am. I completely disagree that the stock will trade back at the 1600p level it was pre the New York state announcement due to the risk of reputational damage and the fact that despite the ruling with the NY state, the US Treasury i.e. the national/federal regulator, has said it is continuing the probe. In my view, the shares top out just above 1500p and are likely to open around 1450-1475p. Not too much to go for - in my humble opinion. For what it's worth I've been recommending STAN for about 5 years off and on in my job as a buy-side bank analyst.

I think it's just that the North Sea isn't as sexy as Somalia, Africa or the Falklands. It has a good track record of exploration success as well as being able to monitise assets early in the process as well. Possibility of an update on Clapton later this month whych could be a small catalyst.

some good buying - volume of 1.08m shares was 50% ahead of average 5 day volume, more than 10% ahead of 30-day average volume and 30% ahead of the 3-month average volume. Good to see