Proactiveinvestors recommends
Additional Information
Market: AIM
Sector: Energy
EPIC: FPM
Latest Price: 112.00p  (0.90% Ascending)
52-week High: 168.00p
52-week Low: 106.00p
Market Cap: 237.87M
1 year chart More charts
digital-look imported chart image
Deal FPM Tax Free*
*subject to change and depends on individual circumstances.
1 day chart More charts
digital-look imported chart image
Advertisement
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Faroe Petroleum
www.faroe-petroleum.com
Deal Faroe Petroleum Tax Free* Losses can exceed
your initial deposit *subject to change and depends on individual circumstances.

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...

Read more
Full Faroe Petroleum profile here
Pdf

Faroe Petroleum turns to ‘enormous’ potential of Darwin wildcat well

January 16 2013, 2:49pm Faroe plans to drill five wells in the next 12 months

Faroe Petroleum (LON:FPM)  this morning said it expects to be producing at a rate of 7-9,000 barrels of oil a day in 2013 as it gears up for another ambitious drilling programme.

The Atlantic Margin focussed group plans a further five wells in the next 12 months at a cost of £50mln, having sunk six in 2012. And with £75mln on the balance sheet (plus undrawn debt) it has the financial wherewithal to implement these plans. 

“We had a pretty active exploration programme in 2012, which was fairly mixed [in terms of results], and we’ve got an exciting programme for this year,” Julian Riddick, Faroe’s company secretary and commercial manager, told Proactive Investors.

“There’s a good mix of risk and reward profiles within the programme.”

Riddick believes that Darwin, a Repsol-operated wildcat in the Barents Sea, due to spud later this quarter, has the potential to be one of the standout wells of the programme.

“Darwin has enormous potential. It is a wildcat, of course, so there is a lot of risk associated with it but if it works the rewards may be very considerable indeed. 

“So that’s the one that is going to generate a great deal of excitement for investors.”

He also picks out the two wells later this year on the Butch prospect, which will follow up the 2011 discovery, as important wells for investors to look out for.

In the nearer term the North Uist result, expected in a matter of weeks, may also be a highlight.

This morning Faroe also revealed that the well on its 30% owned Rodriguez South prospect hadn’t found hydrocarbons in the primary reservoir.  But, it says preliminary analysis suggests hydrocarbons are contained in the Cretaceous reservoir and extensive data gathering is underway.

And it also updated on the Hyme development, which it said is progressing to schedule and is due to start production in the first quarter. 

Once on-stream it is expected to add around 1,000 barrels a day to production.

No investment advice

The Company is a publisher. 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.