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

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).

Sp will come back bit by bit......

140p coming.

Perhaps but 220p will come also by this time next year....perhaps more...

Possibly bottomed out and now in recovery, though weakening oil price now a risk.

This could be a cracker if the current well hits oil......in the event of success : at least a pound would be added to the sp in my view !.

I forgot they were currently drilling. Not overly hopeful, but........

StockMarketWire.com (7/7/11)
Faroe Petroleum says drilling operations have started on the Fulla exploration prospect.

Faroe has a 50% interest in the prospect which is located in the west of Shetland area of the Atlantic margin.

The well, located to the north east of the producing Clair oil field, is targeting potentially oil-bearing Devonian Clair reservoir sands at a depth of 2,100 metres.

Faroe is operator of the well which is being drilled by the 'WilPhoenix' semi-submersible drilling rig under contract with Awilco Drilling in a water depth of 120 metres.

Operations are expected to be completed well within the summer weather period.

One well after another now and the 50% interest is a lot more than with previous wells and this trend is set to continue with the following ones as well. Before it was 10%, 20%....

Looks like they might have hit the jackpot.....!.....much more work to be done but very exciting times for FPM....

Fulla Oil Discovery, West of Shetlands
Faroe Petroleum plc, is pleased to announce an oil discovery in its first operated exploration well on the Fulla prospect in the west of Shetland (Faroe Petroleum 50% and operator).

Highlights
* The 206/5a-3 exploration well discovers oil in the Fulla prospect

* The well penetrated a gross oil column in the well of 133 feet and a net
oil column of 45 ft. Reservoir quality is better than expected.

* The oil has been sampled and details of the oil quality will be confirmed by
further analysis conducted in the onshore laboratory.

* Faroe's first operated exploration well has been successfully drilled in
accordance with UK's HSE guidelines.

Flow tests should be good.....giving the sp more impetus,.....surprising the lack of interest in this one....

not one i really follow, but i think i agree as am i not correct in thinking that they have an abnormally high strike rate?