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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...
Faroe Petroleum: Broker Evo positive on companyJuly 06 2011, 3:16pm
Broker Evolution Securities is upbeat on oil and gas firm Faroe Petroleum (LON:FPM) and rates the stock an "add", with a target price of 210 pence versus its current price of 168.25 pence.
The firm's portfolio consists of around 40 exploration, appraisal, development and production licences in the Faroes, west of Shetland; the North Sea; Norwegian Sea; and Barents Sea.
Its joint venture partners across its portfolio include the likes of BP, Chevron, E.ON, OMV, RWE, and Statoil.
In April this year, the Aberdeen based firm announced an asset swap with Norwegian company Petoro so that it could free up funds for exploration.
Faroe's interest in the Maria discovery was swapped with Petoro for interests in the Norwegian firm's Njord, Brage and Ringhorne East production assets. This added over 14 million barrels of oil equivalent 2P (proven and probable) reserves to Faroe.
Following a presentation to Evo from Faroe's management, the broker said that while the second half of this year is "very much focussed on low risk exploration and appraisal" it believes the firm's ability to increase the booked 2P reserves as a result of infill drilling on the Petoro assets could surprise.
The broker also highlighted the strength of Faroe’s technical team and says its ability to obtain attractive acreage is demonstrated by the high qaulity partners they attract.