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No I believe they are making excuses for a marginally increased offer that doesn’t reflect fair value! I think they’ll come back with may be 20-25% higher which I don’t think will be anywhere near enough to get a deal over the line!

Hi Nickel Where do you get 4000 BOPD from ? The new well has added around 400 boepd... they were producing around 2200 at half 1 ... Cheers

Been averaging down and sitting tight ! My average is now below the June placement price but it does get quite frustrating sometimes. If it hits 13.5p I will buy some more! If not, I’m happy to hold what I have ... 2019 should be a decent year here! Need some news from the company to keep interest alive ...

Unfortunately share prophets have a target of around 750p! They are the biggest shorters and have huge followers... could be more pressure on the SP

If the takeover price wasn’t set at 152p today’s news would have taken us to 180p-200p based on increasing 2019 production and EBITDA by more than 50%! The shares are now fixed at 150-160 p until DNO make their next move!

Production at end of H1 was approximately 15,200 BOPD (average 12500 for 6 months) Full year guidance range 12,000 – 14,000 boepd Fully-funded with a Net cash position of £84 million at 30 June 2018 EBITDAX in H1 2018 of c. £76 million!!!! So if you use those figures you’ll get an approximate EBITDA of 150 million for full year! Rember Q3 was the highest BRENT prices! So EBITDA might be higher for half 2! If you add the extra production from today’s announcement for next year which is at least another 8000 BOPD to the 12,500 average for H1 you’ll get around a 60% increase in EBITDA! I make that around £240-250 million EBITDA for 2019! If they offer £900 million that’s less than 3.5 x 2019 EBITDA! That values each share at £2.42 based on 372 million shares approximately! They’ve got themselves a very good deal there !!! I can see why management want to tell DNO to FO

Auditer What are you talking about?

After today’s news anything less than 225 is a complete steal! Simply won’t happen ! I like how they talk about returning capital to shareholders!

Not much to say at the moment ! Takeover won’t happen at the derisory offer that DNO have tabled! The FPM management team saw them coming a mile off when they asked for director seats! Game of chess and a case of wait and see! DNO have to table a better bid or risk waiting another 6 months before being able to make another move ! That’s very risky because all it’ll take is a couple of explo drills and the Sp Could be sitting at significantly higher than £2!

Investor tester Did you attend the AGM? With regards to being done, the loans are unsecured against assets! The issue here will be more of cash flow rather than loans payable in 18 months

John Lewis I used to respect your analysis but the gibberish you have written about FPM is beyond shocking! None of what you have written is true! You clearly know nothing about Faroe if you think “that’s a pretty fair offer”!! You say Faroe has only been profitable once in past 5 years. How many profitable years has Genl had ?(ps I hold a lot of GENL)! How many has GKP,TLW, CNE , SOCO or any other oilie had since 2013??? The answer is one or none for ALL the above companies! FPM fulfill an urgent need for DNO , provide a clear path to 35,000 BOPD and a huge inventory of North Sea prospects! Most of all it provides them with diversification from the safe war zone that is Kurdistan/KRG! Also the producing fields are 4-5 which is another case of not putting all ones eggs in 1 basket.... The premium was not 52% at time of bid! Price was 125 and bid was 152! Please do the math... Most institutional investors have already rejected the bid including L&G and most are holding for £2 minimum! The bid won’t go unconditional ! DNO have until 21st December before their PUSU date ! After which they need to wait another 6 months before they can come sniffing again! If DNO don’t significantly increase the offer , it won’t go through! The BOD have already rejected it!

What if 605 isn’t climbed? Where do we go from there ? Please don’t say 585!!!!!

Would you give a up huge salary, amazing BOGOF and FREE share options? First class travel ? , Best Private medical pension? Plush London offices? A lucrative and revered position of responsibility? Why would he ??? He won’t be pushed out by Chairman because they are on good terms or have been for the past few years! It’s impossible to vote him out because Adonis et al hold all the aces? Unless all other investors decide to vote against him, he is here to stay ...

Nobody is forcing them! They don’t have to... if it’s too big an acquisition and they can’t af it, they can easily retract their bid and all is well! Most shareholders of FPM know it’s worth far more than 152p and will happily hold and add on any weaknesses! In fact, I had a buy order the week before the announcement to buy another 10k at 120 but it never went below 125. 200p is the minimum I would accept!

Agreed notrac They’ll probably take their time to see if they can get any support at all for this deal and at what price ! There’s no rush ! According to takeover rules they’ll have a PUSU deadline by COB 21st December!

Oneryan Lazza has bent over a lot of investors who have put their hard earned here at much higher averages! In late 2012 early 2013 I told some of my friends and family about this company that was exploring for oil in Africa and was trading at 30p recently having dropped all the way from over 300p! I believed that it might be a decent investment addition to their portfolios. To cut a long story short some of them invested and watched their investment reach below 5p in early 2016! I couldn’t look them in the eyes! They bought some more and averaged down taking their average to 10-11p! The share price had a spike later that year (I believe around September 2016) which they used to get out and liquidate! Some managed to break even and others made a couple of thousand on it (which saved my blushes)! Since then I’ve stopped talking to friends and family about AIM and stick to I’m a celeb, sports and politics! I’m sure they weren’t the only people to hold shares bought in the 30s and I’m sure others have even worse averages! I’m sure Lazza is a good geologist! He’s just not cut out for the position of AIM CEO!!

Fair do’s Adrian! If you’re playing with £500 then I suppose it’s understandable not to spend too much time on very detailed research and analysis of the company’s history and future prospects ... I would just advise that if you start throwing around big sums in the market to forensically examine every single aspect of your investment! Good luck ! With an average of 2.6 I recon you should be ok ... might even make a few quid if they farm out Brazil or if one of our neighbors hit black gold!

Adrian I assume this is an out & out “punt” for you because you don’t seem to have done much research! I’ll mention a few reasons 2 dusters in 2 different geographical locations Dilution and additional shares offered to city mates at a significant discount Lack of trust in the BOD Lack of confidence in the ability of Lazza to execute a farmout Long term shareholders who has hundreds of thousands of shares selling and salvaging what they can Going back to the old useless “fast follower” strategy Lack of near term share price drivers Lack of confidence in our remaining acreage Lack of confidence in our Geo team High G&A costs draining our existing cash reserves I recon that about sums it up Judging by the losses you mentioned here I gather you have invested a grand? Is that about right??

Agreed Gooner That’s why purchasing a producing asset a few years ago when they had tens of millions of dollars Int the bank wouldn’t have been a bad idea! Oiltap was against it at the time I remember!

Adrian You realise that they drill offshore lol ! Don’t you ...?