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

And where is the bad news ?.....sp down on what ?....

Faroe Petroleum plc ("Faroe Petroleum" or the "Company")

Results of Anne Marie exploration well and operational update on Lagavulin
exploration well


Faroe Petroleum plc, 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 results of drilling on the Anne
Marie exploration prospect (Faroe Petroleum 12.5%), located offshore in Licence
005 in the Faroe Islands, and provide an operational update on drilling on
Lagavulin, UK west of Shetlands.

Anne Marie
Well 6004/8a-1 on the Anne Marie prospect was spudded on 23/07/2010 and drilled
to a total depth of 3,901m, in 1,106 metres water depth, 190 kilometres south
east of Tshavn. Total depth was reached on 25 October 2010. Hydrocarbons have
been found in thin sandy layers dispersed in a thick volcano-clastic sequence of
Paleocene age, indicating robust evidence of the presence of an active petroleum
system. Further analyses are in progress to evaluate the size and the
characteristics of the discovery.

The Norwegian semi-submersible drilling rig Seadrill West Phoenix, which was
used for the drilling operation, is expected to plug and abandon the well as
planned and move away from the location in the coming days.

The joint venture is composed of Eni Denmark BV as operator with 25%
participating interest, Dana Petroleum 25%, OMV 20%, Cieco E&P (Faroe) Limited
12.5%, First Oil Expro 5% and Faroe Petroleum 12.5%.

Lagavulin
The Lagavulin exploration well (Faroe 10%), operated by Chevron, in the UK
Atlantic Margin to the west of the Shetland Islands, was spudded last month.
The well is being drilled with the Stena Carron drillship operating 230
kilometres (143 miles) north east of Chevron's Rosebank/Lochnagar discovery.
The Lagavulin well will target a number of potential oil bearing reservoirs of
pre-Cretaceous to Paleocene age located within a large, elongated four-way
structural closure. Lagavulin, which lies across blocks 217/10 and 210/14 and
15, has a reserve potential of more than 500 million barrels of oil equivalent,
classing Lagavulin as one of the largest undrilled structural closures on the
Atlantic Margin. The well is expected to take around 120 days to complete from
spud.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

"Whilst we did not encounter thick reservoir sands at the Anne Marie well
location, the discovery gives us significant encouragement to continue
exploration efforts in this licence, which we have held together with ENI for
over 10 years."

"Our high impact exploration programme continues with the drilling of Lagavulin,
and Faroe's ongoing multi-well exploration drilling programme will carry on
through 2011 and beyond as we push forward to test our substantial northern seas
portfolio of over 40 significant licences, to which we have last week added a
further four, as operator, awarded under the UK's 26th Licensing Round."

On to the next well....I'm not getting any rns's here at all...

brave face on bad result

I have faith in this company long term.....hydrocarbons found....loads of wells to be drilled...one day they will hit a huge strike...just a matter of time....and the market cap is still low....compared to others...

SEO has a low market cap too and CNT even lower

Don't be ridiculous Cinners.....you know it's a good one....come back in a year or even just 3 to 4 months...250p minimum....in a year 300p to 400p....

yeah yeah yeah ..... that's what was said about SEO too

Sounds like the Beatles to me.....

Forgot to buy back in here......damn....

Shares Mag thinks there is now much more potential in FPM due to the asset swap:
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 that it has signed an agreement with Petoro AS ("Petoro"), to swap its interest in the Maria discovery for interests in a number of oil and gas production assets in Norway.

Highlights
Maria discovery swapped with Petoro for interests in the Njord, Brage and Ringhorne East production assets
Pure asset swap - no cash consideration
Effective date 1 January 2011
Adds over 7,300 boepd to Faroe's estimated 2011 average production, with good upside potential
Including Blane, Faroe's estimated 2011 average production now expected at 9,200 boepd
Adds over 14 mmboe of 2P reserves to Faroe
Petoro to retain projected abandonment and decommissioning liability of approximately NOK600m (67m)
Proves business model of monetising exploration success - within nine months of Maria discovery
Meets Faroe's stated strategy of efficiently and cost-effectively building production and revenues
Transaction transfers to Petoro Faroe's estimated 280m net capital investment requirement for Maria development
Significantly increases cash flow and debt capacity to fund further exploration and other growth.

Tom Sieber:
666% Is the increase production at oil explorer Faroe Petroleum (FPM:AIM) production following an asset swap deal with Norwegian state-owned energy firm Petoro. This should allow the company to fund its exploration efforts without recourse to the equity market and investors should buy ahead of near-term results from the high impact Lagavulin well in the Atlantic Margin which could be worth as much as 162p a share according to broker Evolution Securities. The agreement will see the 389 million cap swap its Maria discovery for interests in three fields in Norway. The deal is doubly attractive to Faroe because, in addition to increasing its output from 1,200 barrels of oil or equivalent per day (boepd) to 9,200 boepd, it means the explorer does not need to invest the 280 million necessary to bring Maria onstream.
The result from Lagavulin is likely to dominate the direction of the share price in the short term. Even in the event of a failure there is plenty more in the portfolio to excite the market in 2011 including the T-Rex prospect in the Norwegian Sea and North Uist and Fulla prospects in the Atlantic Margin.

This is a favourite of mine......one of these days : this will make a big find....if you notice : the percentages where they are involved in a well are getting bigger....and the artic seems to have plenty of untapped potential...one to watch, is this one ......

StockMarketWire.com
Faroe Petroleum says drilling has reached target depth on the Lagavulin exploration well (Faroe 10%), operated by Chevron, to the west of the Shetland Islands.

Well 217/15-1z, on the Lagavulin prospect was spudded in October 2010 and drilled in 1,567 metres water depth.

Total depth was reached on 10 June.

Hydrocarbons and a working petroleum system have been confirmed, however no workable reservoir system was found to be present at this location and the well will be plugged and abandoned.

Extensive data gathering has been undertaken in the well and detailed analysis is underway to fully evaluate the well results.

The well was drilled with the Stena Carron drillship.

Progress was slower than expected, principally due to a number of operational and technical challenges, notably poor weather conditions and variable drilling formation.

As a result of these delays, the cost of this well was greater than projected.

Opportunity to get in here....loads of wells to be spudded....

http://www.proactiveinvestors.co.uk/companies/news/29300/faroe-petroleum-says-drilling-completed-on-chevron-operated-lagavulin-well-29300.html

Bought some more....just had to....quite optimistic about this company's chances....

you're nuts especially in the present climate

There is not one oilies doing well in these recent months

SOLO are still holding up reasonable well (no pun intended).