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Faroe Petroleum PLC (FPM.L)

FPM.L on London Stock Exchange

21 Jul 2017
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Latest Key Developments (Source: Significant Developments)

Faroe Petroleum production and cash flow to gain from Statoil plans in Norwegian sea
Wednesday, 21 Jun 2017 02:00am EDT 

June 21 (Reuters) - Faroe Petroleum Plc :Notes Statoil's press announcement of 20 June 2017 regarding PDO of Njord and Bauge in Norwegian North Sea.Economics of Njord, Bauge project are "very attractive"; will make "significant contribution" to co's planned production and cash flow growth.  Full Article

Odfjell: Deepsea Bergen secures up to $55 mln contract for Statoil
Wednesday, 31 May 2017 02:39am EDT 

May 31 (Reuters) - Odfjell Drilling Ltd ::Signed a letter of award(Loa) with Statoil<<>> to secure Deepsea Bergen for drilling activities in 2018-2019.Loa includes one firm well plus 4 x 3 optional wells, which in total can secure work for Deepsea Bergen up to 14 months.Estimated start up is Q2/Q3 2018 in direct continuation with OMV drilling program and contract value is up to $55 million.Αgreed to suspend completion of the current Deepsea Bergen Statoil contract and re-arrange the drilling schedule, allowing an earlier commencement of the 1 + 1 well contract with Faroe<<>>.  Full Article

Partners to invest $199 mln to extend Tambar field lifetime-Aker BP
Thursday, 30 Mar 2017 06:14am EDT 

Aker BP : Says license partners to invest about 1.7 billion Norwegian crowns ($199.36 million) in Tambar field to extend its lifetime by 10 years from 2018 until 2028 . Says targets reserves of 27 million barrels of oil equivalents (boe), with Aker BP's share of 15 million boe . Says expects to produce extra 4,000-6,000 barrels a day over several years . Says breakeven price for Tambar development is under $20 a barrel . Says drilling rig Maersk Interceptor will drill two infill wells starting in Q4 2017 . Says production from new wells is scheduled to start in the first half of 2018 .Aker BP has 55 pct stake in the license, and Faroe Petroluem holds the rest.  Full Article

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