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

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

A good strong surge through the 200 DMA would be appreciated!

Project update

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 provide a project update and announce that it is hosting a site visit for sell-side investment analysts this week in Stavanger, Norway.

Hyme Oil Field (Norwegian Sea) - production commences (Faroe 7.5%)

Production has commenced on the Statoil operated Hyme oil field in the southern part of the Norwegian Sea. This field ties back to the Njord A platform, which is located 19 kilometres away, in which Faroe also holds a 7.5% interest.

The Hyme field was discovered in June 2009 and has been developed through a dual-lateral production well and a water injection well, drilled through a sub-sea template. The installation of five new risers and modifications to the Njord A platform to receive Hyme production also formed part of the development. The operator estimates that the Hyme field contains approximately 30 million barrels of oil equivalent (mmboe) (net to Faroe 2.25 mmboe), predominantly oil, and expects the field to extend the production life of the Njord field to beyond 2020.

First oil has taken just over two years from the development decision and has been delivered on schedule and on budget of approximately NOK 4.5 billion (Faroe net share approximately £37.5m). Faroe has funded its share of the development costs from cash flow generated from its producing interests. It is expected that the field will generate between 10-15% of the Company's estimated 2013 daily production.


The partners in the Hyme development are Core Energy AS (17.5%), VNG Norge AS (2.5%), E.ON Ruhrgas Norge AS (17.5%), GDF Suez E&P Norge AS (20%) and Statoil Petroleum AS (35% and operator).


Darwin exploration well (Norwegian Barents Sea) - rig on contract (Faroe 12.5%) for near-term spud

The Aker Barents semi-submersible drilling rig is now on contract and the spudding of the high impact wildcat Darwin exploration well (7218/11-1) (Faroe 12.5%), acquired from Talisman Energy Norge AS in August 2012, is expected shortly.

The Darwin prospect is located on the Veslemøy High in the frontier western part of the Barents Sea approximately 60 to 80 kilometres to the south west of the recent significant Statoil Skrugard and Havis oil discoveries. Multiple targets have been identified on 3D seismic and this well will test the main Darwin prospect and contribute towards further de-risking of the large upside potential in the remainder of the licence area.

The drilling operations are being operated by Repsol Exploration Norge AS (20%) and the other joint venture partners are Talisman Energy Norge AS (12.5%), Marathon Oil Norge AS (10%), RWE Dea Norge AS (15%), Det norske oljeselskap ASA (10%) and Concedo ASA (20%).

Norwegian and UK Asset Acquisitions
Faroe Petroleum is pleased to announce that it has acquired a 25% interest in the Pil prospect in the Norwegian Sea and a 50% interest in the Lowlander discovery in the UK Central North Sea.

Licence PL586, Pil Prospect (Norwegian Sea) - acquisition (Faroe 25%)
The Pil prospect is located within tie-back distance (33 kilometres) to the producing Njord field in which the Company holds a 7.5% interest. The prospect is a combined structural and stratigraphic closure and the primary target is at the shallower upper Jurassic Rogn formation sandstone which has proved to be an effective reservoir in the producing Draugen field located 60 kilometres to the north east.

This exploration well is scheduled to be drilled in the first half of 2014 using the Transocean Arctic drilling rig. Faroe Petroleum has acquired this interest from the operator VNG and the acquisition is subject to approval by the Ministry of Petroleum and Energy in Norway.

Lowlander (UK Central North Sea) - acquisition (Faroe 50%)
The Company has entered into an agreement with Talisman Sinopec to acquire a 50% interest in UK Licence P.324, block 14/20c containing the Lowlander oil discovery.

Lowlander was discovered in 1987 by the 14/20b-17 well (drilled by Texaco) and represents an Upper Jurassic Piper sand oil accumulation located in the Central North Sea, approximately 200 kilometres north east of Aberdeen. Lowlander was fully appraised by subsequent wells and the field has sour characteristics, similar to those of the Perth Field (Faroe 34.62%), which is located 16 kilometres from Lowlander. The work programme will include a joint Perth/Lowlander development study.

The acquisition is subject to approval by the Department of Energy and Climate Change.

Darwin exploration well commences in the Norwegian Barents 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, is pleased to announce the spudding of the Darwin exploration well (7218/11-1) (Faroe 12.5%).

The Darwin prospect is located on the Veslemøy High in the frontier western part of the Barents Sea approximately 60 to 80 kilometres to the south west of the recent significant Statoil Skrugard and Havis oil discoveries. Multiple targets have been identified on 3D seismic and this well will test the main Darwin prospect and contribute towards further de-risking of the large upside potential in the remainder of the licence area.

The drilling operations are being operated by Repsol Exploration Norge AS (20%) utilising the Transocean Barents semi-submersible drilling rig. The other joint venture partners are Talisman Energy Norge AS (12.5%), Marathon Oil Norge AS (10%), RWE Dea Norge AS (15%), Det norske oljeselskap ASA (10%) and Concedo ASA (20%).

Graham Stewart, Chief Executive of Faroe Petroleum, commented:
"We are very pleased to announce the spudding of this high impact wildcat well which is our first in the highly prospective Barents Sea. This well is located in the promising western part of the Barents Sea - an area where a major breakthrough was achieved in 2011 with the giant Skrugard oil discovery.

"We have an active 2013 exploration drilling programme which includes several high impact exploration wells including Novus (Norwegian Sea) and two Butch wells (Norwegian North Sea)."

Notice of Preliminary Results
Faroe Petroleum will announce its preliminary results for the year ended 31 December 2012, on Tuesday 26 March 2013.