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

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."

Results of Spaniards exploration well

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 results of the Spaniards East exploration well (Faroe 8.4% - free carried).

The Spaniards East well was drilled in UK block 15/21, reached a total depth of 10,694 feet and encountered 75 feet of Jurassic sands which were water wet. The well is now being plugged and abandoned.

The drilling operations were undertaken by Premier Oil as operator.

Faroe Petroleum had a free-carried interest of 8.4% in the well (carried by Premier, Cairn and Serica) and was not required to make any cash contribution to the dry-hole cost of this well.

Rodriguez exploration well commences in the Norwegian Sea

Faroe Petroleum is pleased to announce the spudding of the Rodriguez exploration well (6407/1-6S) (Faroe 30%).

The Rodriguez prospect is located in the APA 2007 license PL475 on the Halten Terrace in the Norwegian Sea four kilometres north-east of the Tyrihans field and eight kilometres south-east of the Maria discovery (made by Faroe in 2010). The main objective for this well is to test for oil in the middle Jurassic sandstones of the Garn, Ile and Tilje formations. The water depth is 291 metres and the well is planned to be drilled to approximately 4,040 metres with a total depth within the Tilje Formation.

The drilling operations are scheduled to last approximately 75 days, undertaken by operator Wintershall Norge AS (50%) utilising the Transocean Arctic rig. Centrica Resources (Norge) AS is the third partner (20%) in the joint venture.

StockMarketWire.com
Faroe Petroleum's full year production was within the range of management forecasts despite the unscheduled down time on the Njord, Brage and Blane fields in the fourth quarter.

On the Njord field re-instatement of production following a planned shutdown was delayed by an accident involving the third party mobile accommodation unit, the Floatel Superior.

The Blane field was also down for nearly 10 weeks in late 2012, while repairs were undertaken after a gas leak had been detected on the Ula platform to which it ties back.

Production was temporarily affected on Brage due to gas processing and export limitations. All fields are now back on production and first oil from the Hyme field is expected in the first quarter of this year.

The combined Group production from our five principal fields (Brage, Ringhorne East, Njord, Blane, Schooner) and the new additions (Hyme and East Foinaven) is expected to average between 7,000 and 9,000 barrels of oil equivalent per day in 2013.

Confirmed discovery at the secondary target from the Rodriguez exploration well
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 further results from the Rodriguez exploration well in PL475 (6407/1-6S) (Faroe 30%) have confirmed a significant gas condensate discovery in the Lower Cretaceous interval.

On 16 January 2013, the Company announced that hydrocarbons may be present in the well's secondary target, the shallower Lower Cretaceous intervals, where samples had been acquired and were the subject of further analysis. The Operator has now confirmed the discovery of moveable hydrocarbons in these sandstone layers in the Lange formation, which contain an estimated gas condensate column of nine metres net pay and where it is interpreted that we have penetrated the reservoir at the edge of its lateral extent. The Operator's preliminary volumetric estimates of the size of the discovery are between 19 and 126 million barrels of recoverable oil equivalent (net to Faroe c.6 - 38mmboe). This is the first exploration well drilled on the Rodriguez license PL475 and further appraisal will be required to establish the lateral extent and size of this discovery.

Faroe Petroleum already has the Fogelberg gas discovery in the Norwegian Sea, which is being matured towards a development decision to coincide with gas export capacity becoming available in the Norwegian pipeline system in a few years time. In this context, it is noted that the Norwegian Authorities have recently proposed a significant reduction in gas transportation tariffs for new gas field developments. This proposal is now in a consultation process, to be completed by 15 March 2013. If introduced, this change to tariffs would significantly improve project economics both of Fogelberg and this new gas condensate discovery.

Good news I would have thought - so why is the SP down??!!

'Cos the whole market is slightly down this morning. Sp hit 151p at it's height today. Just have to wait now for broker upgrade.

Cheers HARRYCAT