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

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.

You get the feeling that Faroe petroleum will be taken over at some stage...just the sort of company Statoil or Premier would snap up .....

Keeps on drifting higher.....great powers of recovery... this sp....

StockMarketWire.com
Faroe Petroleum intends to cease operations on the P1161 licence (Freya and Fulla), west of Shetland.

Faroe Petroleum is the operator and holds a 50% interest.

The company drilled an exploration well (206/5a-3) on the Fulla prospect in July 2011 and the targeted Clair and Whiting reservoir sands were found to be oil-bearing.

Extensive modelling has since been undertaken to establish the resource potential and assess a means of economically developing the Fulla discovery in conjunction with the 1980 Freya discovery, located immediately to the south in the adjoining Block 206/10a.

The results of this work confirm relatively poor oil quality, smaller than expected resource size and limited access to infrastructure.

No economically viable solution has been found to bring these discoveries to development at this time, and consequently the licence will be relinquished.

Drop followed by recovery as this company has so many assets plus ongoing drilling...

about a year ago or maybe a bit more, FPM had an enviable track record for strike % ..... it has now lost that sheen big time .... at least for now, the future is not even orange!

Buy the shares Cynic.....you will notice that they have many assets and a very agressive drilling program...and bad news does not make the sp plummet by very much...it always rebounds....

no thank you

But you will later if you buy them now...

i'm happy enough with the balance of quality and crap that i already have .... i don't need more of the latter

I have to say that I also have quite a few shares in negative territory and I'm waiting (or hoping) for an expected recovery perhaps next year .....this one will rise sooner or later and might be bought out...

so might GOO or BIOM!

Faroe is a little better than those other two.....crikey Biom formerly Stanelco....whatever happened to Tweenie over there ?....I got squelched by her on that thread....and she disappeared never to be seen again....

StockMarketWire.com
Canaccord Genuity has downgraded its recommendation on independent oil and gas company Faroe Petroleum (LON:FPM) as the company exited two finds due to their economic viability. The City broker has reduced its share price target by 26 per cent to 170 pence (from 230 pence). Analyst Charlie Sharp said: "Faroe has decided to relinquish its interest in the Fulla and Freya fields to the west of the Shetland Islands. The relinquishment of its 50% operated interest comes as something of a surprise, but detailed assessment of the two finds indicated to the company that no economically viable development is possible. Specifically, Fulla has higher quality oil but is quite small, while the larger Freya has much lower quality oil and a more 'difficult' reservoir. The combination looks unappealing to Faroe."