Proactiveinvestors recommends
Additional Information
Market: AIM
Sector: Energy
EPIC: FPM
Latest Price: 157.50p  (1.45% Ascending)
52-week High: 179.00p
52-week Low: 125.25p
Market Cap: 334.51M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Faroe Petroleum
www.faroe-petroleum.com
Faroe Petroleum has a substantial portfolio of exploration, appraisal and development assets across the Atlantic Margin, the UK and Norwegian North Sea and the Norwegian Sea.

Faroe Petroleum joint venture partners include BP, Chevron, ConocoPhillips, DONG, DSM, Eni, E.ON Ruhrgas, GDF, Oilexco, OMV, RWE, Shell and Statoil all  of which have an  outstanding track record  in oil and gas exploration and development.

Full Faroe Petroleum profile here
Is FPM a Buy, Sell or Hold?Get your FREE analysis of FPM
Pdf

Faroe Petroleum makes second oil and gas discovery in Norwegian Sea, shares jump

22nd Jul 2010, 1:11 pm Faroe Petroleum makes second oil and gas discovery in Norwegian Sea, shares jump

Faroe Petroleum (LON:FPM)  has intersected a 64 metre gross oil column in a better-than-expected reservoir at its 30% owned Maria prospect in the Faroe islands, proving oil in the main target Garn formation in Jurassic sandstones and causing its shares to soar 26% by early afternoon trade.

Preliminary analysis has indicated that gross volumes in place (STOIIP) ranged between 250 and 520 mmboe (million barrels of oil equivalent) and gross recoverable volumes are estimated at between 75 and 155 mmboe of oil and associated gas.

The column is situated on the Halten Terrace, which is close to the existing development infrastructure.
The Maria prospect (Blocks 6407/1 & 6406/3) is situated on the Halten Terrace, between Smørbukk Sør and the Trestakk oil discovery and the Tyrihans gas field.

Maria consists of two segments, Maria South and Maria North, located respectively up dip to the south west and north east of the 6406/3-5 well. The Maria well 6406/3-8 T2 has been drilled on the Maria South segment and is the first exploration well to be drilled on licence 475BS, which was awarded in the APA 2008 licensing round.
According to the company, initial analysis has shown that the Maria oil had properties similar to the oil in the nearby Trestakk discovery, at around 40 degrees API.

Faroe Petroleum made another discovery, Fogelberg, in April this year.

“We are very pleased to announce a discovery on the Maria Prospect, which is our second successful well on the Halten Terrace in the Norwegian Sea this year...Maria is clearly material to Faroe... we look forward to the further evaluation of this discovery,” said chief executive Graham Stewart.

The current equity holders in the licence are operator Wintershall Norge ASA, which holds 25%, Concedo ASA with a 10% interest, Spring Energy Norway AS 15%, Centrica Resources with a 20% stake, and Faroe Petroleum Norge AS with the largest equity stake at 30%. The net recoverable volumes to Faroe Petroleum estimated at between 22 and 46 mmboe.

Faroe is now gearing up to spud the Anne Marie well in the Faroe Islands and later drill North Uist/Cardhu and Lagavulin in the UK operated by Eni (NYSE:E), BP (LON:BP) and Chevron (NYSE:CVX) respectively.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.