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

StockMarketWire.com
Faroe Petroleum has revealed disappointing results from the Kalvklumpen exploration well which is being plugged and abandoned.

The 25/6-4 S Kalvklumpen well in the Norwegian North Sea spudded on 10 January and reached total depth of 2,738m within the Dunlin Formation.

The well targeted sandstones of the Palaeocene Hermod Formation and the Jurassic Brent Group and, whilst excellent reservoirs were confirmed in both targets, no hydrocarbons were encountered.

Faroe Petroleum - which has a 20% interest - said it has gathered considerable new data which will be used to de-risk other prospects in this prospective area where it owns several licences including the PL627 Shango, PL414B Oksen and PL507 Tetrao/Knorke licences.

The drilling operation was undertaken by Det Norske Oljeselskap as operator (40% participating interest), using the Songa Delta drilling rig.

Faroe Petroleum chief executive Graham Stewart said: "This is our first exploration well in this northern part of the Utsira High area, which has seen recent exploration success in the Atla discovery, located close to Faroe Petroleum's acreage.

"Whilst the results for the Kavlklumpen well are disappointing, the extensive data acquired will be now be applied to evaluate and de-risk further prospects within this and the adjacent licences held by the company in this prospective area."

looks like stay away time

Of course not...other wells on going....and for once they come up dry.....one day this will take off like a rocket.....

one day i'll die too

Let's be cheerful...(if possible)......I have quite a few of these and there is work going on at the tynosaurus rex well...(I think that's what they call it).....

nothing to prevent you dumping garbage and re-investing somewhere more likely to be profitable

Hey !....this share is not garbage.....just a bit of patience cinners.....more upside over the next year than downside.....look : a dry well and down 6p....now how may others would have a dry well and be down only by that amount ?....not many...

logic remains sound .... FPM is going nowhere except potentially south for at least some time to come

Not if this current well comes right.

i'ld rather hold pmo for north sea exposure, and just possibly xel

Results of the T-Rex and Bolan exploration well, Norwegian Sea

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, announces that oil was discovered on both the T-Rex and Bolan exploration prospects in the Norwegian Sea (Faroe 30%), on licence PL431 (blocks 6506/12, 6406/2&3 part), but not in commercial quantities.

they seem to have lost the magic touch as they had about 6 good strikes on the trot a year or so back .... glad i stayed clear of this one, as posted a few weeks back

Disappointing, but more wells to be spudded......not often this company does not come up with a good result !...still way undervalued regardless of today's rns...

Investec note:
"Faroe has announced that the 6406/3-9 well offshore Norway, targeting the T-Rex and Bolan prospects, has found oil, but in non-commercial qualities. The issue seems to be that the reservoir interval was thinner than expected.
The discovery of oil in the first well on this large area of the Halten terrace is encouraging, but clearly the company will have to do further work to pin down where a thicker and potentially commercial reservoir can be found.
Faroe has a 30% interest in the well and we estimate that the impact of the non commercial result is around 10p/share net to Faroe. We therefore cut our target price to 200p (from 210p), based on the core NAV (112p) plus the risked upside of the remaining exploration programme."

You see cinners how this one recovers quickly....

3p - golly gosh!! ..... did YOU notice how far and fast it plummeted?

I mean over a few days.....in the event of not such good news recovers quite well....

Starting to move quickly......something in the budget or dare I suggest : takeover rumours....

£3 billion pounds field allowance west of shetlands.....

North Uist exploration well commences West of Shetland
Faroe Petroleum is pleased to announce that drilling has commenced on the North Uist prospect, West of Shetland (Faroe 6.25%).

This deep water exploration well (Blocks 213/20b, 214/16b, 213/25C) is located near to Chevron's Rosebank oil discovery, also on the Corona Ridge, West of Shetlands. There are several reservoir objectives the most significant of which is North Uist at the Upper Jurassic level. Shallower in the section the well will also test the edge of the Cardhu prospect where sandstones of Paleocene age may be present.

To manage the high well costs in this region, Faroe has secured a financial carry of a portion of the well costs through farm-out arrangements.

The drilling operation will be undertaken by BP Exploration Operating Company Limited (47.5% interest) using the Stena Carron drilling rig. The other joint venture partners are CIECO Exploration and Production (UK) Limited (6.25%), Idemitsu Petroleum UK Ltd (5%) and Nexen Petroleum U.K. Limited (35%).