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

StockMarketWire.com
Faroe Petroleum has been awarded 10 new prospective exploration licences, including two operatorships, under the 2013 Norwegian Awards in Pre-defined Areas licensing round.

These 10 licences equate to the largest number awarded in this APA round, equal with Centrica and Statoil.

Chief executive Graham Stewart said: "We are delighted with these licence awards, which add considerable new potential to our forward drilling programme.

"Faroe has again been very successful in its licence application strategy, and this award is the largest to date for the company, and indeed in the entire APA round, alongside Statoil and Centrica. This demonstrates the strength of our reputation in Norway and further positions us as having one of the largest licence portfolios on the Norwegian Continental Shelf.

"Faroe Petroleum has built a strong and sustainable exploration company, with Norway at centre stage. Our significant Norwegian portfolio has a diversified mix of both near-field and frontier opportunities, from which we can high-grade the best prospects for drilling.

"The combined advantages of Norway's progressive and highly successful fiscal incentivisation for exploration and our own cash generating production ensure we can continue to make Norway a key part of our value creating business strategy."

All well and good - they just need to start being successful again with the drill-bit.

StockMarketWire.com
Faroe Petroleum has confirmed a small discovery of oil in the Novus prospect the Norwegian Sea.

Faroe says the preliminary volumetric gross estimate of the size of the discovery at the 6507/10-2S exploration well is 6-15 million barrels of oil equivalent recoverable, net to Faroe 1.8-4.5 mmboe.

Faroe adds: "Due to the presence of a large gas cap in the reservoir, Novus is unlikely to be of commercial size on its own."

But it adds: "Nearby de-risked prospects and leads offer potential for a future commercial combination."

The well encountered a 12 metre net gas column and a 12.5 metre net oil column in a high quality, thicker than expected Garn formation.

The well confirmed the play model, with excellent quality reservoirs in the area, and that 3D seismic anomalies are diagnostic as a direct hydrocarbon indicator in these types of reservoirs.

The well result will be used to refine the geological model and de-risk additional prospects and leads on the licence for potential future drilling.

Faroe said the well cost was significantly mitigated through the August farm down from 50% to 30%, on a cost carried basis, together with the Norwegian tax rebate.

Chief executive Graham Stewart said: "We are pleased to announce a small discovery of oil in the Novus prospect and the de-risking of the identified structures and prospects which remain in the licence, through the successfully calibrated seismic data. The well confirms the robustness of our geophysical model and the team's ability, and there is real potential for Novus to have future commercial value in combination with a discovery from one of the identified and de-risked prospects and leads in the immediate vicinity. "Elsewhere in Norway, the exploration campaign continues, following the significant Snilehorn discovery announced in November 2013, with the current drilling of the Butch East well (Faroe 15%), located close to the producing Ula, Tambar and Gyda oil fields. Also drilling currently is the Pil exploration well which is in close proximity to the Njord hub facilities. We look forward to the commencement of drilling on the Solberg (Faroe 20%) and Butch South West (Faroe 15%) prospects, both in Norway in the near future."

StockMarketWire.com
Faroe Petroleum has confirmed the spudding of the Wintershall-operated Solberg appraisal well 6407/1-7 the Norwegian Sea.

Faroe has a 20% interest in the well. The Solberg 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 Faroe's significant Maria discovery (2010).

The well will assess the lateral extent and size of the Lower Cretaceous Rodriguez discovery announced by Faroe in January 2013, where moveable hydrocarbons were discovered in sandstone layers in the Lange formation.

Well ...my market picks are not going according to plan...apart from one or two....not happy about this.....dozens of prospects and if you had asked me three years ago where the sp would have been today : I would have guessed between 300p to 400p...(:(((...

Still drilling and lots of other wells to drill this year rf. Keep the faith!

Well...I'm a diehard for this share Harrycat...but it is getting on my nerves...

Oil and gas discovery at the Pil well in the Norwegian Sea

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the Atlantic margin and the North Sea, is pleased to announce an oil and gas discovery on the Pil exploration well in the Norwegian Sea (Faroe 25%).

Highlights
· A gross hydrocarbon-bearing reservoir section with approximately 135 metres of oil and 91 metres of gas has been penetrated
· Extensive coring, wireline logs and pressure data show oil and gas in reservoir sands with a very high net to gross ratio
· Drill stem testing will now be undertaken to acquire fluid samples and establish commercial flow rates
· Subject to positive test results, an immediate side track well is expected to be drilled to appraise the discovery

http://www.moneyam.com/action/news/showArticle?id=4767804

Very good news.....looks impressive !...

At long last this looks like coming right.....3 wells concurrently being drilled.....first one has hit oil and gas : 135 metres of oil....(400 ft pay zone)....plus gas...25% owned....wow !...if this flows alright...plus two other wells....might be lucky on one of them....sp in my opinion, could soar !...

Going completely unnoticed....if the intervals flow : could go I reckon past 140p....perhaps more...and it's not often a mid-range company has 3 wells being drilled all at the same time !....so plenty of upside here...

StockMarketWire.com
Faroe Petroleum will deliver its preliminary results for the year ended 31st December on 25th March 2014.

Taking a long time testing the intervals....good....

StockMarketWire.com
Independent oil and gas group Faroe Petroleum's revenues fell to £129.4m in the year to the end of December - down from £158.8m last time.

EBITDAX fell to £80.5m (2012: £96.3m) but the group posts a profit after tax pf £14.1m compared with a loss of £5.2m a year ago as exploration write-offs fell to £15.4m (2012: £71.1m).

Chief executive Graham Stewart said: "2013 was another year in which we delivered a sustained, high impact exploration programme, which delivered success with the drill bit, coupled with a significant increase in our 2P reserves and contingent resources.

"Our active exploration drilling programme continues with operations ongoing on three exploration wells in Norway - Pil (Faroe 25%), Solberg (Faroe 20%) and Butch East (Faroe 15%). Pil has already been announced as an oil and gas discovery and a production test is under way. Butch East is the first of two back-to-back wells on the Butch area, on the same structure as the significant Butch Main discovery with the Butch South West well to follow. Drilling operations are also ongoing on Solberg.

Following the Pil and Snilehorn successes, further de-risked drilling targets are currently being matured for near-term drilling while additional prospects are also being prepared for drilling decisions. With the new Snilehorn and Pil discoveries, the Greater Njord Area is increasingly becoming an exciting asset with substantial remaining reserves, new discovered resources, and further high potential drilling targets. "We have strengthened our production portfolio with the East Foinaven oil field acquisition and by bringing both the Hyme oil field and the Orca gas field on-stream in 2013. The unscheduled production interruption on Njord and the Hyme satellite since July 2013 affected production levels in the year and we look forward to their return to production this summer.

"Faroe is in an excellent position to create significant shareholder value by continuing its successful and sustainable multi-well drilling campaign while in parallel pursuing further investment and acquisition opportunities."

Results....the thing to pick out is : looks like (fingers crossed) that they might have hit the jackpot with several oil discoveries in the same area ...and possible linked ?...(25 percent owned)....extra wells needed to confirm....sp could soar if confirmed !...

sp rising.....taking ages for drill testing and results....who knows ?,...a billion barrel discovery ?....perhaps not...but 500 million barrels ?...perhaps...perhaps not quite so much...just praying that this share doesn't give me the Pharaoh's again !...

Up again ...on a bad day....rns due....for once : it might be a superb discovery !...with good flow rates...

.

Still no update......but this could be one of their best ever rns's coming up....fingers crossed.......

Superb results !....I was almost expecting it....plus perhaps much more to come with two side tracks and the Butch well !...