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

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).'

StockMarketWire.com
Faroe Petroleum has spudded the Novus (PL645) well no. 6507/10-2S offshore Norway. The Novus prospect is located some nine kilometres to the south of the Statoil-operated, producing Heidrun oil field in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea.

This is an area in which Faroe has built a strong position over several years, and has had considerable exploration success, including the significant Maria, Fogelberg and Rodriguez discoveries.

Chief executive Graham Stewart said: "We are pleased to announce the spudding of the Faroe-operated Novus exploration well on the prolific Norwegian Sea Halten Terrace, an area where we have a large strategic position and have had considerable success. "This is the second well in our six well exploration programme; one of our most exciting to date which was recently kicked off with the Snilehorn well, where we announced a significant oil discovery this morning. With material equity stakes across the prolific North Sea, Norwegian Sea and Barents Sea in Norway, we have the real potential to generate considerable shareholder value

StockMarketWire.com
Faroe Petroleum has confirmed an oil discovery in well 6407/8-6 and sidetrack 6407/8-6A on the Snilehorn prospect in the Norwegian Sea (Faroe 7.5%).

The well, which spudded on 18 September, was targeting oil and gas in the Jurassic Ile, Tilje and �&re formations (analogous to the Hyme oil field reservoirs). The main bore (6407/8-6) encountered oil columns of approximately 40 metres thickness in the Ile formation, 130 metres in the Tilje formation and in addition approximately 21 metres in the Triassic Grey-Beds formation.

Oil-down-to situations were encountered in all three formations in the main bore.

The sidetrack (6407/8-6A) encountered oil columns of approximately 6 metres thickness in the Melke formation, 75 metres in the Ile formation and 43 metres in the Tilje formation.

In the sidetrack, oil-down-to situations were encountered in the Melke and Ile formations. The oil-bearing Triassic interval found in the main bore was not encountered in the sidetrack. Pressure data indicates communication between the main bore and the sidetrack and the reservoir properties are as expected.

StockMarketWire.com
Faroe Petroleum has acquired the remaining 50% interest in the Lowlander oil discovery in the UK Central North Sea and now owns the entire 100% interest in the undeveloped oil field.

The company has entered into an agreement with North Sea Ventures Limited to acquire its 50% interest in UK Licence P.324, block 14/20c containing the Lowlander oil discovery. This acquisition follows completion of Faroe's purchase of the initial 50% interest in the Lowlander discovery, acquired from Talisman Sinopec in February 2013.

Njord Update
Faroe Petroleum provides an update on the status of the Njord production facility (Faroe 7.5%).

As previously announced on 26 September 2013, the Njord operator Statoil has been carrying out a detailed analysis of the platform's structural integrity. The preliminary results from this numerical analysis led to the temporary shut down of both production and drilling to allow for the deck structure to be reinforced. The work on this project has commenced and the operator's expectation is that this will be completed in Q2 2014, and the Njord facility will then be brought back on production.

Significant oil and gas resources remain in the Njord field and surrounding catchment area with potential for over 20 years of remaining production. These resources include the developed volumes which can be produced from the existing wells on Njord and Hyme, further infill drilling in the Njord field, development of the North West Flank gas and condensate accumulations and development of the newly announced Snilehorn oil discovery. There is also significant additional prospectivity that may be matured towards exploration drilling in the coming years along with undeveloped third party discoveries in the catchment area.

On this basis, the Njord partnership is evaluating a number of scenarios for the long term further development of Njord and the accumulations in the surrounding area, which range from:

- continuing production with the Njord A facility following the current deck reinforcement project and identifying alternative means of continuing development drilling on Njord

- bringing the Njord A facility to shore at an optimal time for further strengthening of the structure or replacing the hull

- potentially building a new Njord A platform or FPSO

The objective of this ongoing scenario evaluation work is to identify a robust plan for the long term development of the hydrocarbon resources in the Njord area in order to create maximum value and reserves exploitation. This scenario evaluation work is expected to reach its conclusion towards the end of 2014.

StockMarketWire.com
Faroe Petroleum has confirmed the spudding of the Centrica-operated Butch East exploration well 8/10-5S, the first of two back-to back-wells in licence PL405/P.

Butch East, which is adjacent to Faroe's 2011 Butch discovery, is situated in approximately 65 metres water depth in the Norwegian North Sea, close to significant existing infrastructure with the giant Ula field approximately seven kilometres to the north-west, Tambar approximately 10 kilometres to the south-west and Gyda approximately 20 kilometres to the south.

The Centrica operated Butch Main discovery (Faroe 15%) was made in late 2011 and contains a significant presence of light crude oil in the Upper Jurassic reservoir of the Ula formation. Since the main Butch discovery was made, licence operator Centrica Energy Norway has acquired new high quality seismic data, which has been applied in the planning of two further exploration wells on the untested eastern and south⬐western sides of the large central Butch salt structure.

The operator is currently working on a development plan for the Butch Main discovery, in parallel with drilling the Butch East and Butch South West wells. The Butch licence drilling operations are operated by Centrica (40%) using the Maersk Giant jack-up drilling rig, together with the other joint venture partners Suncor Norge AS 30% and Tullow Oil Norge AS 15%. Faroe Petroleum chief executive Graham Stewart said: "We are pleased to announce the spudding of the Butch East exploration well, which is the first of two back-to-back wells following on from the 2011 discovery on the Butch licence. If successful, Butch East offers the potential to substantially add to the value of the Butch field.

"Butch East is the third well to spud in our near-term six well exploration programme. This exciting exploration campaign commenced with the significant Snilehorn discovery announced last month, and continues with the Novus well, currently drilling, close to the producing Heidrun oil field. Following these wells, we also look forward to the drilling of the Solberg and Pil prospects, both in the Norwegian Sea.

"With material equity stakes held in a portfolio of excellent quality licences across the prolific North Sea, Norwegian Sea and Norwegian Barents Sea, Faroe Petroleum has the real potential to generate considerable shareholder value through our sustained programme of exploration and appraisal drilling."

Pil exploration well commences in the Norwegian Sea
Faroe Petroleum is pleased to announce the spudding of the VNG-operated Pil exploration well 6406/12-3S (Faroe 25%).

The Pil prospect (Licence PL 586) is located within tie-back distance (33 kilometres) to the Njord platform 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.

The Pil licence drilling operations are operated by VNG Norge AS (30%) using the Transocean Arctic drilling rig with partners Spike Exploration Holdings AS (30%) and Rocksource Exploration Norway AS (15%).

Nice rising trend ...at long last....going long....I don't agree with the bears on oil for this year...in fact the opposite with the world economy recovering...and this year should be a recovery year for minnow oil companies and mid-range ones as well..(FPM are mid range)....well that's my view (for what it's worth)...