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

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%).

Good results here,.... by the look of it !.....making a profit...

i see no mention of a result but merely that drilling has commenced

StockMarketWire.com
Faroe Petroleum describes 2011 as a 'truly exceptional year of success' with a dramatic boost to production, proven reserves and cash flow.

Turnover for the year to the end of December increased more than five-fold to £80.2m while earnings before interest, tax, depreciation and amortisation jumped to £40.9m from £6.0m.

The company posts a pre-tax profit of £14.3m against a £26.0m loss in 2010.

Doing not too badly considering the market conditions at the moment.....3 exploration wells will be ongoing shortly, all at the same time !.

Norwegian Sea Cooper exploration well commences

Faroe Petroleum is pleased to announce that drilling has commenced on the Cooper prospect in the Norwegian Sea (Faroe 30%).

The exploration well will target the Cooper prospect located in PL477 in block 6506/11 on the Halten Terrace between the Smørbukk oil field, immediately to the east, and the Morvin oil field, to the west. Cooper consists of an untested north to south trending fault block. The main reservoir objectives are the prolific Middle Jurassic Garn and Ile formations, which are the main producing reservoirs in the neighbouring Smørbukk and Morvin fields.

The drilling operation will be operated by Centrica Resources (Norge) AS (40%) using the West Alpha drilling rig. The other joint venture partner is Suncor Energy Norge AS (30%).

Shares mag tip, today !...

Norwegian North Sea, Clapton exploration well commences

Faroe Petroleum is pleased to announce that drilling has commenced on the Clapton prospect in the Norwegian North Sea (Faroe 40% and operator).

Well 2/8-18 S is Faroe Petroleum's first operated well in Norway and will target the Clapton Prospect located in PL440 S in block 2/8, approximately 5 km east of the Eldfisk East Field and 10 km north of the Valhall Field.

Clapton is a chalk prospect on the flanks of the salt induced Mode Dome and the well will target the Ekofisk, Tor and Hod formations, which are the main producing reservoirs in the neighbouring fields.

The well will be drilled using the Maersk Guardian jack-up rig and the partnership consists of Dana Petroleum Norway AS (20%), Lundin Norway AS (18%), Norwegian Energy Company ASA (12%) and Det Norske Oljeselskap ASA (10%).

Another victory for ShareSoc following climb down on incentive plan
http://www.investorschampion.com/blog/entry/faroe-petroleom-another-victory-for-sharesoc

One to be in......partner percentages getting bigger....

Results of Clapton exploration well, Norwegian North Sea

Faroe Petroleum announces the results of the Clapton exploration well in the Norwegian North Sea (Faroe Petroleum 40% and operator).

The well was drilled to a vertical depth of 2,619 m below sea level and was terminated in the Cretaceous Hidra Formation. The primary target was encountered on prognosis, but the reservoir was thinner and of poorer quality than prognosed. The Shetland Group chalk reservoir contained no hydrocarbons of producible quantities. Oil shows were present in the Neogene section and in the upper part of the Ekofisk. Data acquisition and sampling has been carried out and the well will now be plugged and abandoned.

This well, which is Faroe Petroleum's first operated well in Norway, was drilled using the Maersk Guardian jack-up rig. The well came in on budget and was drilled safely without any serious incidents.

it's lost its magic touch