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

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.

StockMarketWire.com
Faroe Petroleum's turnover nearly doubled to £158.8m in the year to the end of December - up from £80.2m in 2011.

Faroe said this reflected, in particular, the full year effect of acquisitions made in 2011 of the Brage, Njord, Ringhorne East and Jotun fields in Norway, and continuing high oil prices.

Cost of sales, including depreciation of producing assets, was £97.0m (2011: £52.2m), giving a gross profit for the year of £61.8m (2011: £28.0 million) - a significant increase from previous years.

EBITDAX for the year more than doubled to £96.0m (2011: £40.9m).

Exploration expenditure for the year was £79.7m (2011: £42.3m). This included pre-award exploration expenditure (£8.6m) and write-offs of licence specific exploration and evaluation expenditure on previously capitalised licences where active exploration has now ceased (£71.1m).

The pre-award exploration expenditure included costs incurred in licence rounds. The licences which were relinquished and written off during the year included T-Rex, Clapton and Fulla/Freya together with other smaller write-offs over several exploration assets.

The group's reported loss before tax was £29.0m (2011: £14.3m profit).

The loss after tax was £5.2m (2011 profit: £47.4 m due principally to the exceptional gain of £40.0m on the disposal of Maria).

StockMarketWire.com
Faroe Petroleum has confirmed that the North Uist frontier exploration well, west of Shetland, is being plugged and abandoned, as planned.

The 213/25c-1V exploration well targeted several reservoir objectives, the most significant of which was the North Uist prospect.

The well reached a total vertical depth of 4,700 metres and encountered gas condensate in sandstone reservoirs in the target section. An extensive data set has been collected, including wire-line logs, pressure data and side-wall cores.

A full formation and volume evaluation is under way but preliminary results indicate varying reservoir quality and the commercial potential has yet to be evaluated.

The shallower Cardhu prospect encountered traces of hydrocarbons. This deep water frontier 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 the Shetland Islands.

To manage the typically higher well costs in this region, Faroe secured a financial carry of a portion of the well costs through farm-out arrangements and a relatively low retained licence equity. The drilling operation has been undertaken by BP Exploration Operating Company Limited using the Stena Carron drill-ship. The well will now be plugged and abandoned, as planned.

Faroe Petroleum chief executive Graham Stewart said: "After a long period of drilling activity on this wild-cat exploration well, we are pleased to have made a discovery in the North Uist exploration well, although we had however hoped for better quality reservoir.

"The result proves another working hydrocarbon system in the frontier west of Shetlands which is good news for further prospectivity in these UK waters.

"The partnership will now undertake extensive analysis of the considerable volumes of data and samples collected from the well operations before deciding on the next steps."

Results of the Darwin wild-cat exploration well, Barents Sea, Norway

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 Darwin frontier exploration well (7218/11-1) (Faroe 12.5%).

The objectives of the well, which is the first to be drilled in this Norwegian Barents Sea licence, were to prove hydrocarbons in the Paleocene and Upper Cretaceous reservoirs. Gas shows were recorded in the Paleocene interval although no hydrocarbons were found in the Cretaceous and accordingly the well has been declared dry. An extensive data set has been collected, including wire-line logs, pressure data and side-wall cores and a full formation evaluation is underway.

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. The well was drilled to a total depth of 2,542 metres in the Lower Cretaceous. The well will now be permanently plugged and abandoned.

The drilling operations have been undertaken 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 pleased that this frontier well proved the existence of a working hydrocarbon system in the licence area. It is disappointing that no hydrocarbons were present in the Cretaceous section at this location, however it does provide important new data and information which will allow further evaluation and de-risking of this extensive licence in the Barents Sea province in which Faroe has a strategic position.

Faroe Petroleum is pleased to announce the 22nd Norwegian Licence Round award of a new licence PL716 in the Barents Sea.

The Dazzler prospect contained within PL716 (Faroe 20%) is located 90 kilometres to the north west of the recent Skrugard and Havis oil discoveries and lie in approximately 450 metres of water. The main prospect is positioned on the southern flank of the Stappen High adjacent to the Bjørnøya Basin and consists of a large horst structure, which is well defined by recently acquired 3D seismic and has significant volumetric potential.

The work programme consists of drilling of one firm well with a target depth of the shallower of: i) 50m into the Triassic Snadd formation, or ii) 3,500 metres. The licence which is contained within Blocks 7318/11 & 12 is operated by Eni Norway AS (40%) and the other partners are Bayerngas Norge AS (20%) and Petoro AS (20%).

Graham Stewart, Chief Executive of Faroe, commented:

"Faroe Petroleum is very pleased to have been awarded this prospective exploration licence in the Norwegian 22nd licensing round announced yesterday which further enhances our strategic position in the Barents Sea. We are also pleased to be working again with Eni as operator which has had such success in the Barents Sea.

"This licence delivers a further well to our high impact Norwegian drilling campaign, and we look forward to the commencement of the Snilehorn (Norwegian Sea), Novus (Norwegian Sea) and Butch wells (Norwegian North Sea) in the second half of 2013. "

Operational Update
Faroe Petroleum is pleased to provide an operational update. The Company has a material and active investment programme ahead, which is fully funded from existing cash flow, cash reserves and debt facilities.

Highlights
Exploration - high impact, near term, six well exploration drilling programme commencing in H2 2013:
· Snilehorn (Faroe 7.5%)
· Novus (Faroe 50% and operator)
· Butch East and Butch South West (Faroe 15%)
· Solberg (Faroe 30%)
· Pil (Faroe 25%)

Production and development - strong and stable
· Total average economic production for the year to 31 May 2013 was approximately 8,100* boepd
· Faroe to acquire further equity in Brage Sognefjord
· Development of Orca gas field underway (Faroe 3.24%)
· Infill wells on Schooner (Faroe 6.9%), Brage (Faroe 14.26%) and Njord (Faroe 7.5%)

http://www.moneyam.com/action/news/showArticle?id=4621152

Notice of Interim Results

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, will announce its interim results for the six months ended 30 June 2013, on Thursday 26 September 2013.

StockMarketWire.com
Faroe Petroleum has completed the previously announced acquisition of a 10% non-operated interest in the BP-operated East Foinaven oil field and a 0.5% interest in the West of Shetland Pipeline System, both from Marubeni Oil & Gas (North Sea).

The net consideration payable for the acquisition of the interests, after adjusting for net income receivable by the company from the sale of hydrocarbons from the field during the period, has been reduced to approximately $22.5m which is to be funded from the company's existing cash resources.

Numis target of 147p looks to be achievable any time soon!

Looks good Harry.

StockMarketWire.com
Faroe Petroleum expects full year production to be at the lower end of end of the 7,000 to 9,000 barrels of oil equivalent per day forecast.

The company says this is after taking into account the natural decline of the fields, deferral of some elements of the capital work programme and an increased allowance for both planned and unplanned shutdowns.

Average economic production for the first half of 2013 was 7,890 boepd.

It says that the 2013 field capital programme comprises a number of elements: infill drilling of Schooner, Njord and Brage in addition to bringing the Hyme and Orca fields to first production.

It adds: "Whilst progress on Hyme and Orca has been ahead of expectations, with Hyme first oil achieved in February 2013, slippage on the drilling schedules of all three infill programmes has deferred some potential production volumes into 2014."

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 Statoil-operated Snilehorn exploration well 6407/8-6 (Faroe 7.5%).

The Snilehorn prospect is located four kilometres from the Hyme producing oil field (Faroe 7.5%) in the Norwegian Sea. Hyme produces into the Njord field facilities (Faroe also 7.5%).

The well and a planned side-track will target oil and gas in the Jurassic Ile, Tilje and Åre Formations (analogous to the Hyme reservoir) and, if successful, the plan is to fast-track a development along similar lines to the Hyme development. The water depth is 282 metres and the well is planned to be drilled to a total depth of approximately 3,205 metres. The drilling operations are being undertaken by Statoil (50%) utilising the Songa Trym rig.

Graham Stewart, Chief Executive, Faroe Petroleum commented:

"We are pleased to announce the spudding of the Snilehorn exploration well, the first of our six well programme which, if successful, offers an opportunity to add new production at a low cost through a fast-track tie-back to the nearby Hyme field in which Faroe also participates with 7.5%.

"We now look forward to one of our most exciting periods ahead, with a long programme of fully-funded high impact exploration and appraisal wells planned, in which we have material equity stakes. The programme commences with the Snilehorn welland has the potential to generate considerable shareholder value."

StockMarketWire.com

Faroe Petroleum's revenues slipped to £89.0m in the six months to the end of June - down from £90.6m last time.

Profit after tax rose to £12.2m (1H 2012: £3.7m) - after exploration write-offs of £13.6m (1H 2012: £51.3m) but EBITDAX at £56.9m was down from £62.8m.

Chief executive Graham Stewart said: "2013 is proving to be an extremely active year for Faroe. We have completed three exploration wells, and have recently commenced drilling on the first of six wells to be drilled over the coming period - all located close to existing producing fields and infrastructure.

"The year started on a high with a gas condensate discovery at Rodriguez in good quality reservoir and the follow-up Solberg appraisal well is already planned for January 2014.

"We are excited about the two back-to-back Butch wells (Faroe 15%) which will explore the south west and east sides of the large salt structure where we made the significant Butch main oil discovery in 2011, together with our operated Novus well on the Halten Terrace in Norway (Faroe 30%). Our focus on frontier exploration continues and we have further strengthened our strategic position in the Barents Sea with a licence award in the 22nd Norwegian round, in strong competition with many other companies.

"The licence, operated by Eni as one of the most successful explorers in the Barents Sea, has a firm well commitment on the Dazzler prospect, likely to be drilled in 2015, enhancing our high impact Norwegian drilling programme."

StockMarketWire.com
The start-up of the Njord and Hyme fields has been delayed until the second quarter of next year, Faroe Petroleum has been informed by operator Statoil.

Faroe said Statoil announced the delay - which is to allow additional time to plan and undertake remedial works following a structural review - at a management committee meeting this morning (26 September).

Faroe says further information will be provided following the next management committee meeting, which is currently expected next week.

StockMarketWire.com
Westhouse Securities has upgraded its recommendation on Faroe Petroleum (LON:FPM) to "buy" from "neutral" believing the current share price offers a good entry point, especially when the company is about to embark on a busy and fully-funded exploration drilling programme. The broker specifically highlights the drilling in the Butch area and the Novus prospect as material share price catalysts. Analysts have therefore increased their price target to 175 pence per share from 162 pence. The broker said: Investing in exploration requires an understanding of its binary nature and its ability to create and erode value relatively quickly. "As an explorer, we believe Faroe covers all the bases: it is fully funded, has a P&D base to limit downside and the company's upcoming drilling programme is focused on near-field exploration with relatively easy follow-on development options (and hence potential monetisation options).

StockMarketWire.com
Analysts at finnCap have downgraded their recommendation on Faroe Petroleum (LON:FPM) to "hold" from "buy" in their monthly E&P research note, today, citing the limited implied upside to their new target price as the rationale behind their change of stance. The broker said: 'The Faroe share price has recovered much of the lost ground triggered by disappointing news flow in September and now stands just 8% below our target price. As a result, we downgrade our recommendation to Hold and believe positive drilling results must be delivered for the share price to move significantly higher from these levels. Analysts have increased their price target by 3.7 per cent to 140 pence per share (previously 135 pence).'