olechr
06 Apr 2018
More good news More good newsThis is a great time, with more good news. The Norwegian government approved the development of Fenja fields (Pil & Bue) – no surprise, but still good to get it cleared[link]
onedb1
05 Apr 2018
Ithaca Energy all over Must say the parallels are similar , hopefully the ending is better as I got taken out lower than I had anticipated . Good profit but should have been a lot better . Clever buyers must say
Ripley94
05 Apr 2018
Re: Proposed Acquisition/Placement What a difference a year makes sliced a few ( S ) on 123p limit .RNS 7am which i missed DNO bought more @ 125p book build malcy blogging.... PIs always sell cheaply.
Wordbodger
05 Apr 2018
Re: Good day I hope - Update It triggers a takeover offer at a price no lower than [in this case, £1.25]. If DNO felt they could get control with an offer around £1.25 they could have offered that without a Tender, so I don't think they will.I don't see anything inconsistent with their first notice to the Oslo Bors that they wanted Faroe to continue, and they wanted a 'strategic holding', ie a blocking stake. Read it here:[link] me that is why the sp is slightly under £1.25. But it's a pretty solid floor going forward.
Hub
05 Apr 2018
Re: Good day I hope - Update Not going to be too hard for them to acquire another 2.32% and take it over the 29.9% level which triggers takeover code I believe.I don't think the DNO 'no intention to bid' notice holds much water. They can change their minds in the future.It's a poor market for fundamental pricing and FPM's share price of 125p is well short of the potential £1bln+ market cap which the company is more than capable of being worth.DNO have ineffect gained almost 30% of FPM for 125p. If they gained the other 60% for circa 200p, it would end up nearer 175p in terms of full cost to them.The danger in situations like these is that DNO then loan out the stock to shorters/hedge funds who drive the price lower to circa 100p level which then stagnates ... and eventually DNO offers a bid price just over 150p etc. DNO (or RAK) do not have a great history when it comes to taking stakes in companies. Normally it's aggressive stuff rather than share price emboldening.For those that bought the dips at 45p to 75p ranges, 150p might be hard to resist. For some, it looks like 125p has already been a carrot too far.HUB
Mick Oi
05 Apr 2018
INFO: Malcysblog - Faroe Petroleum [link] PetroleumDNO has announced that having bought the Delek stake of 15.37%, it then further acquired 10% through a reverse book building process and clearly found sellers over and today announces that it has bought another 2.32% all at 125p. This takes their stake to 27.68% and I assume that they are still ‘supporters’ of the management.Faroe has announced that they have had no discussions with either DNO or Delek regarding these moves and that 125p a share ‘substantially undervalues’ the company.It is perfectly possible that DNO will keep their word and not go hostile in this respect but it has made a canny move in getting the first lump (presumably 29.9% after other loose holders are removed) at this price. Now I have been criticised before for accusing shareholders for selling out early and on the cheap in these battles and I do understand markets and why holders sell out so early. I also believe that Faroe is one of the sectors finest explorers and has a track record second to none, ironically showed by yesterday’s discoveries at Hades and Iris. The market is indeed the arbiter of such values but the short termism of some shareholders with regard to a business that has been built up over many years is bewildering, DNO have the first part of the deal at 125p, they will have to pay much more for the rest but have secured base camp very much on the cheap…
Wordbodger
05 Apr 2018
Re: Good day I hope - Update Update on Oslo Bors 5 April 2018: DNO announced it acquired a further additional 8,487,838 shares representing 2.32%. Following the three transactions, DNO will own 27.68%.
Wordbodger
04 Apr 2018
Re: progress Yes, well, td. Especially well with today's sudden activity in Faroe. Many times I was tempted to cut my losses but I stuck with it. Not much more than breaking even overall, but I am pleased that my obstinacy paid off. And I didn't sell into the tender.I expect DNO to be true to their word for now, so Faroe will continue independent as long as they want. 25.37% is a substantial blocking stake. DNO could make a full bid with Board support, or sometime in the future.
Meanbugger
04 Apr 2018
Re: Good day I hope DNO now have 25%+ which is a strategic stake. I'm wondering if anyone else like Statoil is interested in taking a similar stake. This Viking raid feels pre-emptive to me as if they are aware of other companies' interest in Faroe. There may not be a formal bid but I can see Faroe eventually falling under Norwegian control.
Wordbodger
04 Apr 2018
Re: Good day I hope For anyone who hasn't been following the fast moving events today, check out the ADVFN board, or other sources. Basically DNO announced a tender offer for another 10%, which would give them 25%, but also issued a "No Intention To Bid" notice. FPM responded by putting out another RNS noting the 'No Intention To Bid' and saying that the Delek bid "substantially undervalues" Faroe (well, they would say that). And now DNO have announced that the tender offer has closed, and they have 25.37% of Faroe.It is as per DNO's Message to OsloBors this morning, where they said "DNO now has decided to build a long term strategic shareholding in Faroe Petroleum and to support Faroe Petroleum management's growth focused North Sea strategy." (But if they get the support of Faroe Board they can negate that 'No Intention To Bid'. )DYOR
tamdee
04 Apr 2018
Re: progress Alls well thanks Wb and hope its the same for you ? read all the posts here and elswhere Faroe's been going sideways at best lately , but after todays news we can only make good money going forward. they will become a major if left alone or get taken over. so win win staying put till one or the other happens, progress is the right word. td.
El Gibbo
04 Apr 2018
Excellent news Faroe 1) Major new shareholder2) Discovery "Iris"3) another discovery "Hades"and all in one morning. Wonder what will happen after lunch !!!All JMO. GLA.
Wordbodger
04 Apr 2018
Re: progress Also observing quietly, tamdee, and posting on the other board. Hope you are well.
Wordbodger
04 Apr 2018
Re: Good day I hope [link]
II Editor
04 Apr 2018
NEW ARTICLE: The Oil Man: Amerisur, Faroe "WTI $63.51 +50c, Brent $68.12 +48c, Diff-$4.61 -2c, NG $2.70 +2cA modest bounce yesterday with the Russian Oil Minister suggesting that they will discuss long term cooperation at the upcoming ministerial talks. Equities bounced which took ..."[link]
