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Faroe Petroleum PLC (FPM.L)

FPM.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Faroe says production at Trym field in Denmark to continue unitl 2019
Thursday, 23 Mar 2017 10:15am EDT 

Faroe Petroleum Plc : Extension of Trym field production .Trym field which was anticipated to come off stream in 2018, is now expected to produce until end of 2019 at which point production will be suspended.  Full Article

Faroe Petroleum posts FY pre-tax loss of 61.5 mln pounds
Tuesday, 21 Mar 2017 03:38am EDT 

Faroe Petroleum Plc : Fy pretax loss of 61.5 million stg versus loss of 122.3 million stg loss year ago .FY revenue 94.8 million stg versus 113 million stg year ago.  Full Article

Faroe Petroleum sets out results for Bone exploration well
Wednesday, 15 Mar 2017 03:00am EDT 

Faroe Petroleum Plc : Drilling has reached target depth on the7183/12-2 Boné exploration well in Barents sea (Faroe 20 pct) . Well encountered approximately 106 metres of gross water bearing reservoir in primary target, Realgrunnen Group .Boné exploration well was operated by eni using scarabeo 8 drilling rig and is now being plugged and abandoned as planned.  Full Article

Faroe Petroleum says to now pay $26.7 mln for Norwegian assets
Tuesday, 6 Dec 2016 07:28am EST 

Faroe Petroleum Plc : Completion of acquisition of production assets . Completion of acquisition of Norwegian production assets . Net consideration payable was approximately $26.7 mln, down from previously announced original consideration of $70.2 mln . Upgrade our 2016 guidance with a narrower range from 17,000 to 18,000 boepd, including economic production from acquisition ."Production from acquired assets has exceeded our expectations"-CEO.  Full Article

Faroe Petroleum eyes first oil from Brasse by 2019/2020
Wednesday, 16 Nov 2016 08:19am EST 

Faroe Petroleum Plc : Faroe Petroleum aims for a concept selection for the Brasse discovery off Norway by end-2017, first oil expected 2019/2020CEO, CEO Helge Hammer told an industry conference on Wednesday . Faroe is operator of the licence with a 50 percent stake while Point Resources, owned by private equity investor HitecVision, owns the other half Further company coverage: [FPM.L] (Reporting By Stine Jacobsen) ((stine.jacobsen@thomsonreuters.com;)).  Full Article

Faroe Petroleum raises FY production guidance
Tuesday, 20 Sep 2016 02:00am EDT 

Faroe Petroleum Plc : H1 revenue 23.1 mln stg versus 51.1 mln stg year ago . H1 pretax loss 35.9 mln stg versus 400,000 stg profit year ago . Average first half production of 9,030 boepd from existing portfolio (H1 2015: 10,971 boepd) . Average operating cost per boe approximately $25 (2015: $23) - increase primarily due to lower production resulting from Njord and Hyme suspension . Production guidance for FY 2016 revised upwards to 16,000-18,000 boepd, previously 15,000-17,000 boepd .Net capital expenditure for 2016 on exploration, development and production forecast at approximately 65 mln stg pre-tax (2015: 85 mln stg).  Full Article

Faroe Petroleum says raised 62 mln stg through placing
Friday, 15 Jul 2016 02:17am EDT 

Faroe Petroleum Plc :Total of 88.5 million new shares in faroe were placed, raising gross proceeds of £62.0 million at a price of 70 pence per placing share.  Full Article

Faroe Petroleum to buy oil assets from DONG E&P Norge AS for $70.2 mln
Thursday, 14 Jul 2016 11:50am EDT 

Faroe Petroleum Plc : Pleased to announce has conditionally agreed to acquire a package of interests in producing Norwegian oil & gas assets from DONG E&P Norge AS . Total consideration of $70.2 mln has been agreed with vendor . Expected that completion of acquisition will occur by end of 2016 . Announces its intention to conduct a placing to raise gross proceeds of approximately 60.8 mln stg in order to fund acquisition . In event that all or part of acquisition does not complete, company intends to use unutilised net proceeds to fund similar acquisitions . Acquisition will provide an additional 8,000 boepd of production in 2016 . Acquisition will increase group's aggregate average production to between 15,000 and 17,000 boepd for year . DONG assets lower cost production expected to bring average op costs down to c.$26 per boe in 2016 from about $30 per boe, if acquisition is incomplete . Acquisition includes approximately $109 mln of tax balances . Currently anticipate that average daily economic production for group's fields will be in range of 7,000 to 9,000 boepd for year to December 31 2016 .Total expected development and production capital expenditure is about 28 mln stg for 2016 including expenditure on DONG assets.  Full Article

Faroe Petroleum PLC announces acquisition of interest in UK Producing Blane Field
Tuesday, 1 Sep 2015 02:03am EDT 

Faroe Petroleum PLC:Announces the conditional acquisition of Roc Oil (GB Holdings) Limited, which holds a 12.5006% interest in the Blane Unit in the UK North Sea and a 12.00% interest in the Enoch Unit in the UK North Sea from Roc Oil (Europe) Limited a subsidiary of Roc Oil Company Limited.Says for a total consideration of $17m plus a deferred payment of up to $3m depending on certain performance targets being met.  Full Article

Faroe Petroleum PLC announces bister exploration well commences drilling
Tuesday, 28 Apr 2015 02:00am EDT 

Faroe Petroleum PLC:Announces spudding of Bister exploration well 6407/8-7 (Faroe 7.5 pct).Bister prospect is located in Norwegian Sea in Licence PL 348/C, which also contains the producing Hyme field and the 2013 Snilehorn discovery.Says licence is located adjacent to producing Njord field (Faroe 7.5 pct) with Statoil as operator of both PL348 and Njord.Well 6407/8-7 will be targeting oil and gas in the Jurassic, Ile, Tilje and Åre formations.There is seismic amplitude anomaly on the Bister prospect of a similar character to the anomalies on both the Snilehorn discovery (estimated gross recoverable resource range of 57-101 mmboe) and Hyme field.There is also evidence of pressure barrier between Snilehorn and Hyme, which contributes towards the de-risking of Bister prospect.  Full Article

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