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

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?

Spot on !.....two out of three, perhaps even higher...2.5...have yet to work out the ratio but way better than most explorers, the number of successes is remarkable and this latest one with tests coming up might be their best yet.

Another one that looks very promising.....results from tests due any moment....

Another superb exploration result from this gem of a company......and more to come.....sooner or later the market will wake up to this little baby !.

amazing results this tiddler comes in with time and time again ...... for some reason, have never dabbled in it

StockMarketWire.com
Oil explorer Faroe Petroleum (LON:FPM) has discovered 50 metres of net oil pay with its Butch exploration well in the Norwegian North Sea.

The group, which has a 15% stake in the find, and its partners are set to drill an follow-up appraisal well to determine its full extent.

Preliminary results based on extensive coring, wireline logs and pressure data show that the well has encountered a light oil in good quality reservoir sands with a very high net to gross ratio. The entire reservoir section was found to be oil bearing and an oil water contact was not penetrated.

Extensive data have been collected, including the coring of the hydrocarbon bearing zone, and a full formation evaluation is underway.

In accordance with the success case contingency plan, the joint venture has decided to proceed immediately to drill a down-dip side-track to appraise for additional volumes of oil further down on the large salt-induced structure and to try to locate the oil water contact in Butch.

The company expects to be in a position to provide a further update from the planned side-track operation in the coming weeks.

The Butch discovery is situated in 66 metres water depth in the Norwegian North Sea, close to significant existing infrastructure with the giant Ula field approximately seven kilometres to the east, Tambar approximately 10 kilometres to the north east and Gyda approximately 20 kilometres to the north.

The other equity holders in this licence are Centrica 40% (operator), Suncor Norge AS 30% and Spring Energy Norway AS 15%.

This is a 200p to 300p stock, or should be....2 more exploration wells coming up before the end of the year.

In the short term I would expect another 20p to be added to the sp...but with this market and the volatility...you never know...

Directors piling in...91 and 87 shares bought...wow !...that'll set the markets alight !...

Another success for FPM with the "Butch" prospect......the number of positives from this company is incredible....and not many people interested.....

A breakout could be on the cards and another positive drilling result might at long last trigger a serious surge....about time too....