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

Damn.....bloody hell...aggghhh...triggered my stop loss...eaten my profit on my spread....grrrrr...

Harry : you were right....

Sorry to see you got stopped out rf. It's getting more and more difficult to find oil in the North Sea, so in this instance thought it best to take profit early. Of course that could have gone either way and had they been successful I would be kicking myself. Don't forget that I don't S/B so I can always just sit and wait if necessary with stock.

I am mostly in shares as well so still in...but on the spreads had to buy back this morning....could not bring myself into closing them last week with all the pending news...still that was a nasty pullback, was not sure if Pil news was going to come first or second or together with Butch...plenty more news to come...good future overall for this company I reckon....180 to 200p target for me....the shares themselves are better for me than the high risk spreads...

FPM, like TLW, used to have the magic touch with the emphasis on the past tense

You won't regret picking some up Cynic...I can guarantee it..(terms and conditions apply)(over 18teens only).....

(well that's what Rolf Harris said anyway)...

and freddie starr walked out on susanna reid when given a only moderately leading question

more seriously ......

why should FPM be even as good a bet as XEL?

I reckon this year the sp might touch 200p.....they have so many prospects ..;...some are bound to come right plus production is rising and most of the exploration costs in Norwegian waters can be offset by 78 %....so ... 200p yes....

straws, nothing but straws
would rather back TLW or XEL

It's up to you but I prefer this one to the other two...am in XEL though...

Holding up well with the market dropping this afternoon....XEL have dived though....

glad to say i hold none of the 3 mentioned above .... may be some good bottom fishing to do in the morning

Rebounding nicely...hope the next rns is better than the last...

Pil oil discovery - successful side-track appraisal well drilled

Faroe Petroleum is pleased to announce the completion of a successful initial side-track appraisal well on the Pil oil and gas discovery (Faroe 25%) in the Norwegian Sea.

The Pil side-track well (6406/12-3 B), to appraise for additional hydrocarbons along the Pil structure and down-dip from the initial discovery well, has reached a total depth of 3,996 metres below sea level. Results based on extensive coring, wireline logs and pressure data show that the well has encountered oil in reservoir sands with a very high net to gross ratio. Preliminary data indicate a gross hydrocarbon-bearing reservoir section with approximately 80 metres of oil in the Upper Jurassic reservoir of the Rogn Formation. The oil-bearing interval in the side-track well was found to be at a similar pressure level to the oil bearing interval in the initial discovery well.

As announced on 6 March 2014, the Pil discovery well (6406/12‐3S) encountered a gross hydrocarbon-bearing reservoir section with approximately 135 metres of oil and 91 metres of gas in the Upper Jurassic reservoir of the of the Rogn Formation. A subsequent drill stem test generated a stable flow rate of 6,710 bopd of 37° API oil from a 56/64" choke, providing clear evidence of a prolific reservoir.

A second side-track well is planned to commence in the coming days to test the separate Bue prospect, which has the potential to add further volumes to the Pil discovery.

The Pil discovery is located within tie-back distance some 33 kilometres to the south east of the Njord platform in which the Company holds a 7.5% working interest. The vertical depth of the well is currently at 3,605 metres. 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%).

Graham Stewart, Chief Executive of Faroe Petroleum, commented:
"We are very pleased to announce the results of this successful side-track appraisal well on the Pil discovery, which proves further resource potential in this already significant discovery. The successful well result on this Pil appraisal side-track adds further value to Faroe's already substantial position in this prolific part of the Norwegian Sea, and we aim to unlock further potential in this exciting core area.

"In the near term we look forward to reporting results from exploration drilling on both the nearby Bue prospect (Faroe 25%) and the Butch South West prospect (Faroe 15%) in the Norwegian North Sea."

That was a shortlived rise !.....sp should be far higher with the success this company is having...went up to 148p...back down to 138p...

Butch South West exploration well commences drilling in the Norwegian North Sea
Faroe Petroleum is pleased to announce the spudding of the Centrica-operated Butch South West exploration well 8/10-6S (Faroe 15%).

Butch South West, which is adjacent to the Company'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 ten kilometres to the south west and Gyda approximately 20 kilometres to the south.

The significant Butch Main oil discovery (Faroe 15%) was made in late 2011 and contains a light crude oil in a high quality reservoir, the Upper Jurassic reservoir of the Ula formation. The Butch South West exploration well is located in a separate segment from both the Butch East well, the results of which were announced on 12 May 2014, and the Butch Main well.

The operator is currently working on a development plan for the Butch Main discovery, in parallel with drilling the Butch South West well. If Butch South West is successful the development has the potential to become a stand-alone design, with its own dedicated facility, instead of a sub-sea tie-back to existing nearby infrastructure."

StockMarketWire.com
Faroe Petroleum has completed the proposed placing announced yesterday and increased the amount from £45m to £65m, gross. A total of 54,170,000 new ordinary shares were placed at 120p apiece. The placing was increased due to a very strong response by institutional investors..

The further funds will be used to pursue additional production acquisitions and to accelerate the conversion of the company's 2C resources into 2P reserves.

StockMarketWire.com
Faroe Petroleum has confirmed that no hydrocarbons were encountered at the Butch South West exploration well 8/10-6S.

The Centrica-operated exploration well spudded in early June 2014 and reached total depth of 1,945 metres in the Permian Zechstein salt formation.

Faroes says the well targeted sandstones of the Upper Jurassic reservoir of the Ula formation and while a good quality reservoir was confirmed with a 55 metre gross section, no hydrocarbons were encountered.

The Butch South West drilling operations were undertaken 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%). Well 8/10-6S will now be plugged and abandoned.

Chief executive Graham Stewart said: "Whilst it is disappointing that the eastern and south western flanks of the Butch salt structure have not added further resource, the focus of the joint venture is now turning to commercialising the Butch Main oil field.

"Plans to develop Butch Main are already advanced and we look forward to reporting further progress on this important oil field in the coming months. "In the meantime, following a very busy period of exploration drilling for the Company, we expect to announce the results of the Bue side-track exploration well in Norway in the coming days."