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

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).

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%....