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

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

Preliminary Results from Cooper Well - Well Flow Test Results Awaited

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 the preliminary results of the 6506/11-9 S Cooper well in the Norwegian Sea (Faroe Petroleum 30%).

The well has been drilled to a total depth of 5,330m below sea level and encountered hydrocarbons in Middle Jurassic Garn formation. Based on preliminary results, from an extensive suite of coring, wire line logs, sampling and pressure data; the joint venture has decided to perform a drill stem test (DST) of the Garn formation to evaluate the likely productivity of the reservoir. The Company expects to be able to provide further information from the DST in the coming weeks.

Looks like a good result......depends on the flow now....

Faroe Petroleum plc acquires 12.5% interest in Barents Sea Licence PL531 containing the Darwin Prospect
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, is pleased to announce that it has acquired a 12.5% interest in the Darwin prospect in PL531 in the Norwegian Barents Sea.

http://www.moneyam.com/action/news/showArticle?id=4431702

They certainly like the cold regions don't they ?.....blimey...the riggers will be drilling in minus 20 or 30 celsius below zero.......Darwin...now where have I heard that name before ?....

StockMarketWire.com
Faroe Petroleum has revealed disappointing drill stem test results on the Garn formation at the Cooper well in the Norwegian Sea.

Faroe - which has a 30% interest in the well - said primary target for the well was to prove up hydrocarbons in the Middle Jurassic Garn, Ile, Tofte and Tilje Formations.

The secondary target was to prove up hydrocarbons in the Cretaceous Lysing and Lange formations.

The well encountered oil in a 59 metres gross section within the Garn Formation and 10 metres within the Ile formation.

Extensive data acquisition and sampling has been carried out.

In addition oil was encountered in thin sand stringers within in the Cretaceous Lysing and Lange formations. A formation drill stem test has been performed on the Garn formation, however no hydrocarbons flowed to surface.

Several formation and pressure tests were also carried out and confirmed restricted flow within the reservoir, however no interpretation of potential fluid contacts was possible.

Faroe along with operator Centrica (40%) and Suncor (30%) will now evaluate these Jurassic and Cretaceous discoveries, together with the results from the DST and how this will impact the remaining licence potential.

Starting to recover.....always does, this one...

too illiquid for my taste

A drop of Chianti might help....

StockMarketWire.com
Independent oil and gas group Faroe Petroleum has revealed a six-fold jump in earnings after a significant increase in first half production.

Output averaged 8,581 barrels of oil equivalent per day in the six months to the end of June - up from 1,263 boepd a year ago.

Revenue rose to £90.6m (H1 2011: £40.1m, including sale of pre-completion oil inventory on Blane of £26.8) while earnings before interest, tax, depreciation and amortisation jumped to £62.8m from £10.1m.

Chief executive Graham Stewart said: "We have made good progress so far in 2012, resulting in a significant boost to production and cash flow.

"Our production has increased significantly following successful acquisitions of interests in four high quality, long life oil and gas fields in UK and Norway, most of which emanated from our ground-breaking swap deal with Petoro to monetise the significant Maria discovery.
Despite some disappointing results in our exploration programme during the first half, our success rate across the portfolio remains high. Faroe has an exciting drilling programme ahead with results from a further four exploration wells scheduled for the next six months, including the frontier Darwin well on the untested Veslemoy high in the western part of the Barents Sea expected to spud around year end. This is followed by an active schedule of exploration and appraisal wells over the next three years. Two wells are scheduled for next year to explore the south west and the east sides of the large salt structure where we made the significant Butch oil discovery, and we are also preparing plans to drill the exciting Novus prospect in Norway as operator in 2013."

StockMarketWire.com
Faroe Petroleum has agreed to acquire a 10% non-operated interest in the East Foinaven Field and a 0.5% interest in the West of Shetland Pipeline System from Marubeni Oil & Gas (North Sea).

The headline consideration for the acquisition of the interests - alculated from the effective date of 1 January 2012 - is $32m payable to Marubeni in cash.

The actual sum payable at completion will be reduced to take account of working capital adjustments for net income payable to the company from the sale of hydrocarbons from the field during the period.

The consideration is to be funded from the company's existing cash resources.

The acquisition is subject to joint venture partner consent and regulatory approval.

Rig Secured for Novus - Operated Licence (PL645)

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, is pleased to announce that it has contracted the West Navigator drill-ship to drill the Faroe operated Novus prospect in Norway in the second half of 2013.

This licence is located to the South West of the Heidrun field in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea. The main targets for the well are the Jurassic reservoirs of the Garn, Ile, and Tilje formations.

The Novus prospect was awarded to Faroe as part of the APA 2011 Licensing Round announced in January of this year. The licence group consists of Faroe Petroleum as operator (50%), CentricaResources (Norge) AS (40%) and Skagen 44 AS (10%).

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

"We are very pleased to announce the securing of a rig to drill the Novus prospect, which will be the second Faroe Petroleum operated well on the Norwegian Continental Shelf". The Novus prospect was identified and mapped by Faroe Petroleum for the 2011 APA licence round and lies in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea."

"In the meantime Faroe is participating in four further exploration wells scheduled to be drilled in the next six months in both UK and Norwegian waters."

StockMarketWire.com
Faroe Petroleum has confirmed the spudding of the Spaniards East exploration well in the UK central North Sea. The Spaniards East prospect is located on Block 15/21a, to the south of the Perth field (Faroe 34.62%) and close to the producing Scott field in the central North Sea.

The well, which is targeting Upper Jurassic reservoirs, is expected to take approximately 40 days.

The Spaniards East well spudded on 14 October by the Will Phoenix semi-submersible drilling rig.

The drilling operations are being undertaken by Premier Oil as operator.

The other joint venture partners are Serica Energy, Cairn Energy, Parkmead, Maersk Oil and Atlantic Petroleum.

Faroe Petroleum has a free-carried interest of 8.4% in the Spaniards East well and will not be required to make any cash contribution to the dry-hole cost of this first well.

Perhaps...we might get a success here...like Cinners said :...they seemed to have lost that magic touch of theirs as of late.......with all the wells they are spudding : their luck has to change sooner or later...

StockMarketWire.com
Faroe Petroleum has provisionally been awarded seven new exploration licences on the UK Continental Shelf in the UK's 27th Offshore Licensing Round.

These are: * Grouse Extension (Blocks 217/14 & 217/15) - Faroe Petroleum 37.5% and operator This west of Shetland traditional licence is located in the North of the Faroe-Shetland Basin. The blocks contain the extension of the Company's existing Grouse prospect, a large structural and stratigraphic trap within post⬐basalt strata, in a new exciting exploration play in the west of Shetland area. The licence work programme for the Grouse Extension is to be confirmed but it is anticipated that it will tie in with the programme for the existing Grouse licence.

* Glenfarclas (Blocks 208/21 (part), 208/26 & 214/30d) - Faroe Petroleum 33.34% and operator This west of Shetland traditional licence is situated on the south-eastern flank of the Faroe-Shetland Basin to the North of the Glenlivet gas discovery in which Faroe Petroleum has a 10% interest. The Glenfarclas Prospect is a large structural and stratigraphic trap of Palaeocene age, and exhibits an amplitude anomaly. The licence work programme for Glenfarclas involves reprocessing 3D seismic data and additional geotechnical studies, prior to making a drill or drop decision.

* Dunvegan (Blocks 205/16b (part), 205/17 (part), 205/21c & 205/22b) - Faroe Petroleum 50% and operator This west of Shetland traditional licence is situated at the southern end of the Faroe-Shetland Basin. Dunvegan and the associated leads are combined structural and stratigraphic traps within Lower Cretaceous strata, associated with strong seismic amplitudes and located within a regional three-way closed structure. The licence work programme for Dunvegan involves shooting new long offset 2D seismic data and additional geotechnical studies, prior to making a drill or drop decision.

* Ribbon (Block 206/7b) - Faroe Petroleum 50% This west of Shetland traditional licence, to be operated by E.ON E&P UK Limited, is situated on the eastern flank of the Faroe-Shetland Basin, adjacent to the Clair oil field. Prospectivity has been identified within both Palaeocene and Cretaceous strata. The licence work programme involves reprocessing 3D seismic data and additional geotechnical studies, prior to making a drill or drop decision. * Blocks 29/12 (part), 29/13 (part) & 29/14 - Faroe Petroleum 33.33% This Central North Sea traditional licence, to be operated by Endeavour Energy (U.K.) Limited, is located on the southern margin of the Central Graben. A number of leads have been identified at both Palaeocene and Jurassic levels. The licence work programme involves obtaining and reprocessing 2D seismic data and additional geotechnical studies, prior to making a drill or drop decision.

* Greater Perth Area Block 15/16e - Faroe Petroleum 33.33% This traditional licence, to be operated by DEO Petroleum Exploration Limited, is located in the Outer Moray Firth, north-east of the Perth oil field, in which the partners hold an interest. Prospectivity has been identified within Upper Jurassic strata and is to be de-risked through a work programme comprised of obtaining and reprocessing 3D seismic data, in addition to other geotechnical studies, prior to making a drill or drop decision. * Blocks 3/28c & 9/3e - Faroe Petroleum 50% This traditional licence, to be operated by RWE Dea UK SNS Limited, is located on the western edge of the Northern North Sea Viking Graben to the north of the BP operated Bruce field. Prospectivity has been identified within the Palaeocene section in an exciting new play concept for the area. The licence work programme involves reprocessing of 3D seismic data and additional geotechnical studies, prior to making a drill or drop decision.