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

Turbulent times.....but these discoveries are great for this smallish company....news will slowly filter through that this is a superb little company ........

Nice rise today..... again......

StockMarketWire.com
Faroe Petroleum, the independent oil and gas company, said Thursday it completed the previously announced sale of its 17.5% working interest in the Fenja development located in the Norwegian Sea for $68m.

That cut Faroe's stake in the Fenja development to a 7.5% working interest.

'I am pleased to announce the completion of the sale of a partial interest in our Fenja project. This transaction validates Faroe's business model of generating tangible and attractive shareholder returns from our exploration portfolio,' said Graham Stewart, CEO.

'As well as producing an immediate cash return, the transaction reduces Faroe's net capital expenditure on the Fenja development to approximately $96 million. This in turn gives us additional liquidity for our other high quality projects such as the Brasse development and ensures we are fully funded to reach our organic production growth target of 35,000 boepd.'

StockMarketWire.com
Oil and gas group Faroe Petroleum announced Thursday that it had been awarded a new prospective exploration licence of Block 30/14b, which contained the high-impact Edinburgh prospect, under the 30th Licence Round on the UK Continental Shelf.

The Edinburgh prospect straddles the UK and Norway border in the Central North Sea, at the south eastern end of the prolific Josephine Ridge area.

The prospect is one of the largest remaining undrilled structures in the Central North Sea covering an area of over 40 square kilometres, the company said.

'We are pleased to announce the award of Block 30/14b which contains the high-impact Edinburgh prospect. This award is significant in that it is our first new licence in the UKCS since 2014,' said Graham Stewart, Chief Executive of Faroe Petroleum.

'Faroe is targeting multiple potential new discoveries with a significant exploration and appraisal programme of six wells committed in 2018 alone, taking full advantage of current low rig rates'.

FWIW Today, I noticed Dirs Buying shares...and they then received almost double that number for zero-pence.... Is that a "special" Deal =3 for 1?
=Don't understand it, but it doesn't look "right" to my mind. Oddly, the Company RNS doesn't appear to confirm this.... but see "Director Deals" on this website....
~ IMHO . . . . If the shares look "right" then Buy, just like anyone else. ~
There, - that's my "take".

Jefferies International today reaffirms its buy investment rating on Faroe Petroleum PLC (LON:FPM) and raised its price target to 170p (from 125p).

Peel Hunt today upgrades its investment rating on Faroe Petroleum PLC (LON:FPM) to buy (from add) and raised its price target to 174p (from 157p).

StockMarketWire.com
Faroe Petroleum on Wednesday guided its full-year production outlook lower after reporting slowdown in first-half production amid expected and unexpected disruptions.

The full year guidance range was narrowed to range of 12,000-to-14,000 barrels of oil equivalent a day (boepd).

For the six months to 30 June, earnings (EBITDAX) is expected to come in at about £76m.

Group production averaged 12,402 boepd in the six months through June but was disrupted by a a temporary loss of production from the Trym field in the first quarter and planned temporary shut downs of the Ula hub and the Brage field during the second quarter for maintenance.

The average operating cost per barrel of oil equivalent for producing fields for the period was approximately $27 a barrel.

Full-year exploration and appraisal capex forecasts were reduced from £80m to £70m reflecting the reduction in Fogelberg equity, the company said.

Full-year capex is expected to come in at £155m 'With a fully funded programme ahead, investing across our business, and at the bottom of the cycle, I remain confident in our ability to deliver our stated production growth target of 35,000 boepd by 2021/22, designed to generate material increase in cash-flow and shareholder value,' said Graham Stewart, Chief Executive of Faroe Petroleum.

This cash offer should be turned down....does not reflect the real value of this company....

Response to announcement made by DNO ASA ("DNO")
Faroe Petroleum plc ("Faroe") notes the announcement today by DNO of an unsolicited offer for the whole of the issued and to be issued share capital of Faroe Petroleum plc of 152p in cash per Faroe Share (the "Offer").

DNO did not engage with Faroe before making the announcement of its unilateral Offer.

The Board of Faroe will meet together with its advisers to consider the Offer and a further announcement will be made in due course.

In the meantime, Faroe shareholders are strongly urged to take no action in relation to their Faroe shares.

StockMarketWire.com
Oil and gas company Faroe Petroleum said the Cassidy exploration well in the Norwegian North Sea had been spudded.

The total expected vertical depth of the well was approximately 3,056 metres, in a water depth of 66 metres, the company said.

Drilling operations would be undertaken using the Maersk Interceptor rig, and the results would be announced on completion of drilling operations, it added.

'I am pleased to announce the spudding of the Cassidy exploration well situated within tie-back distance of the Oda field, which is on track for first oil in H1 2019. Cassidy offers high value upside for the Oda field development as well as potential to unlock further exploration prospectivity to the north of the Oda field,' said Graham Stewart, CEO.

'Faroe's active exploration programme has delivered two commercial discoveries out of three wells so far this year: Iris Hades in Norway (Faroe's largest discovery to date); and Agar in UK. The programme is continuing over the coming period, with Cassidy and the Brasse East well currently drilling, a further two wells so far committed for drilling in H1 2019, and a steady flow of additional wells being prepared for drilling.'

In a separate statement, Faroe said it had signed an agreement with Equinor to swap its interests in the Njord, Hyme redevelopment and Bauge development assets in return for interests in four production assets on the Norwegian Continental Shelf on a cashless basis.

The four production assets on the Norwegian Continental Shelf included Alve, Marulk, Ringhorne East and Vilje.

The asset swap would accelerate Faroe's targeted production growth adding 7,000-8,000 barrels a day of oil equivalent in in 2019; significantly reduce capital expenditure by eliminating expenditure on the divested assets from 2019; and expands footprint through two new core areas, Alvheim and Norne, the company said.

The transaction was expected to be completed on 1 January 2019, but required consent from the Norwegian authorities, Faroe added

Barclays Capital today upgrades its investment rating on Faroe Petroleum PLC (LON:FPM) to equal weight (from underweight) and raised its price target to 185p (from 160p).

StockMarketWire.com
Norwegian oil and gas operator DNO on Thursday extended its 152p-a-share takeover offer for Faroe Petroleum for further two weeks.

The announcement comes just a day after Faroe declared DNO's offer 'opportunistic,' citing an independent evaluation, which priced the company's assets in the range of US$879m to US$1,076m, implying a valuation of between 186p and 225p a share.

As at 1.00 p.m. on 2 January 2019, DNO's had secured a total of 48,986,566 Faroe shares at the offer price, representing 13.1% of Faroe's shares.

DNO now owned 43% of Faroe as it inched closer towards the 57.5% mark, which would trigger the acceptance condition required to takeover the company. DNO's offer would remain open for acceptances until 1.00 p.m. on 16 January 2019, but if it lapses, then the company would not be able to make a new offer for another 12 months.

Barclays Capital today reaffirms its equal weight investment rating on Faroe Petroleum PLC (LON:FPM) and cut its price target to 165p (from 185p).

Oslo, 4 February 2019 - DNO ASA ("DNO"), the Norwegian oil and gas operator, has now acquired or received acceptances for over 90 percent of the Faroe Shares to which its Final Offer relates by nominal value and voting rights attaching to such shares, enabling it to initiate the compulsory acquisition procedure for the remaining Faroe Shares.

DNO announced its final cash offer for the entire issued and to be issued share capital of Faroe Petroleum plc ("Faroe") at 160 pence in cash for each Faroe Share (the "Final Offer") on 8 January 2019 and published the final offer document on the same day (the "Final Offer Document"). On 9 January 2019, Faroe announced the Faroe Board's recommendation of the Final Offer.