This company seems to have been searching for a long time - any ideas out there?

amazing results this tiddler comes in with time and time again ...... for some reason, have never dabbled in it

StockMarketWire.com
Oil explorer Faroe Petroleum (LON:FPM) has discovered 50 metres of net oil pay with its Butch exploration well in the Norwegian North Sea.

The group, which has a 15% stake in the find, and its partners are set to drill an follow-up appraisal well to determine its full extent.

Preliminary results based on extensive coring, wireline logs and pressure data show that the well has encountered a light oil in good quality reservoir sands with a very high net to gross ratio. The entire reservoir section was found to be oil bearing and an oil water contact was not penetrated.

Extensive data have been collected, including the coring of the hydrocarbon bearing zone, and a full formation evaluation is underway.

In accordance with the success case contingency plan, the joint venture has decided to proceed immediately to drill a down-dip side-track to appraise for additional volumes of oil further down on the large salt-induced structure and to try to locate the oil water contact in Butch.

The company expects to be in a position to provide a further update from the planned side-track operation in the coming weeks.

The Butch discovery is situated in 66 metres water depth in the Norwegian North Sea, close to significant existing infrastructure with the giant Ula field approximately seven kilometres to the east, Tambar approximately 10 kilometres to the north east and Gyda approximately 20 kilometres to the north.

The other equity holders in this licence are Centrica 40% (operator), Suncor Norge AS 30% and Spring Energy Norway AS 15%.

This is a 200p to 300p stock, or should be....2 more exploration wells coming up before the end of the year.

In the short term I would expect another 20p to be added to the sp...but with this market and the volatility...you never know...

Directors piling in...91 and 87 shares bought...wow !...that'll set the markets alight !...

Another success for FPM with the "Butch" prospect......the number of positives from this company is incredible....and not many people interested.....

A breakout could be on the cards and another positive drilling result might at long last trigger a serious surge....about time too....

Macquarie raises Faroe Petroleum Plc price target to 245p from 230p

but be careful as this looks to be a very thin market

In up to my neck !.

Another well spudded.......very active this little gem.....undervalued.....

from memory. it's very illiquid, but certainly their strike record is very impressive

Slowly rising.....nice....decent graph improvement !.

Could be a superb update coming ........or part good update coming as quite a few things going on for this gem of an oil company !.....so many wells to be spudded....that a duster would not be disastrous....

Nice to see this up....remain convinced of a very well managed oil company that without any fuss is quietly developing positions around the shetlands,scotland, artic circle, norway......very...very...promising.....watch the percentages on wells increase as we go along !....Share mag tip plus IC tip as well....surprised that TW or EK have not spotted this one yet !.

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Thanks Harrycat.....the graph looks good and is in the ascendancy....big update expected....soon....

although the graph is encouraging and their strike rate has until the last one, been very impressive, daily volume is <1m shares so tread carefully if taking the plunge

IG, and no doubt others, also think its a very high risk stock as 25% margin is demanded against only 5% for a blue chip or perhaps 10% for the likes of Tullow

That's for cfd's.....but it's worth it for this one ....

true, and of course no one would accuse you of ramping and shameless touting LOL!!

Quoi ?...moi ?....nonsense.....I've worked out that for TLW it has to go up or down by 8.5p for 1p in FPM....now given the difference with the margin...it's still worthwhile taking a punt on these.....terms and conditions apply...stocks and shares can go down as well as up...please sign here......euhhh.....just got carried away then.....