oilinvestor85
31 Mar 2017
Re: Buyer Yes agree , let's not get in too much of a debate regarding KH history of failure ... let's leave that to the BLVN board.I was just comparing apples to apples by choosing 2015 for both companies rather than 2015 for one company and 2016 for another as that is clearly comparing apples to onions...I disagree that Stewart is receiving an obscene amount. In my humble opinion he has earned every penny! If you are successful you deserve to be handsomely rewarded... SIMPLES
Winnet
31 Mar 2017
Re: Buyer I don't really want to get into an extended discussion about this, but my figures are correct on the most recent data we have. However, if you take the years 2015 for both, as you have done, you are quite right. But if you take 2016, KH was paid less. He actually took a pay cut in year ending 17 as well. Just an observation.I personally think both amounts are obscene, but thats AIM. As regarding your comments about FPM, I agree, they seem to have a good track record of delivery,.
oilinvestor85
31 Mar 2017
Re: Buyer Winnet I'm using 2015 figures from both companies audit reports in order to make the comparison fair ! You are correct Graham was 646 (as per page 50 of the report). That was a typo on my part. Kevin Harts total remuneration of over 900 please refer to page 22 of BLVN's independently audited report.The reason I used 2015 reports is that because 2016 aren't out for both companies I don't think anyone can argue that we never got value for money for that 900k. Whether it was 900k , 90k or 9k it was too much for his "services" and "achievements".I guess the point I'm making is that unlike bowleven , we have an astute management team at Faroe who actually have a track record of consistent delivery (increased reserves by 400% and production by 250% in 5 years!!!!! )
Winnet
31 Mar 2017
Re: Buyer Your figures aren't accurate oil investor. The 900k figure included a deferred bonus which was subsequently forfeited. The actual total remuneration for Hart in the year ending 16 was 568k. The bonuses for 15 and 16 were not given and now he's gone, so unlikely to get them!Graham Stewart earned 646k in 2015.
oilinvestor85
31 Mar 2017
Re: Buyer It's also important to note that bowleven had double the amount of directors (executive & non executives) that FPM have
oilinvestor85
31 Mar 2017
Re: Buyer Fair point about the African risks and dictators etc. But I'm afraid Mr hart needs to accept some responsibility and not blame the African leaders and the drill bit. You say :"I bet (although i haven't checked), FPM directors actually are pocketing more)" ! Well you'd be surprised/ possibly shocked to know that Kevin Hart received nearly A QUARTER OF A MILLION DOLLARS more than Graham Stewart !!!! $ 903,000 Vs $660,000!!! I think if I mentioned that on the BLVN board somple people's blood will boil with anger and rage lol. In fact I have done some research on the matter and Kevin hart was one of the most overpaid CEOs on AIM! (Junior oilies) . I hold some bowleven as well and I am quite frankly relieved that he has stopped sucking & leaching !
Winnet
31 Mar 2017
Re: Buyer Going to have to agree to disagree Oilinvestor. There are a number of mitigating factor the BLVN BOD (former BLVN board i should say) had to contend with. Their salaries were commensurate with other oilers on AIM, I bet (although i haven't checked), FPM directors actually are pocketing more)Secondly, the former board were trying to do business in Africa. What me or you regard as straightforward is not so, when dealing with a tinpot dictator. Thirdly, They got royally stabbed from behind by the drill bit. Had Sapele or Bomono been a success we'd all be taking it in turns to nosh Hart off. It was all about risk reward. Money was only wasted in hindsight. There were plenty of investors queuing up for a spin of the dice at the time. Anyway, on to FPM, i see this as good place for some of my money and may build my stake more once i have done sufficient due diligence in the assets.
oilinvestor85
31 Mar 2017
Re: Buyer True winnet! But to be fair, I don't really blame the BLVN boys. They have had the BOD leaching off them for years without delivering any growth. Then they had to contend with non holders such as eagle antagonising them on a daily basis ... it doesn't make for a pleasant atmosphere. Here on the other hand we have a clear strategy and good growth track record :We have a competent management team A clear strategy (to reach 45,000 - 50000 BOPD within 5 years)To grow 2P RESOURCES using planned Exploration and appraisal drillsTarget acquisitions in our key area of UK and Norway
Winnet
30 Mar 2017
Re: Buyer This board certainly seem friendlier than the BLVN board. 😀
oilinvestor85
30 Mar 2017
Re: Buyer Winnet Welcome aboard matey ! This a pretty good home for your money ! Should be able to recover those bowleven losses in now time. I honestly don't think this will be around for very long. As soon as dalek complete the Ithaca deal. Their cheque book will be out for this ... watch this space
tamdee
30 Mar 2017
Re: More good news for Faroe Q4 net profit 375 million vs 54 million* Production at Tamar natural gas field reaches peak (Adds CEO comments, share reaction)Steven ScheerJERUSALEM, March 30 (Reuters) - Israel's Delek Group (Frankfurt: 6D4A.F - news) said on Thursday its quarterly profit was boosted by the sale of two natural gas sites and higher income from its exploration and production operations as it seeks further international expansion.Delek agreed to buy Ithaca Energy (Frankfurt: I6T.F - news) last month in a deal valuing the North Sea oil producer's equity at $646 million and building on Delek's expansion in the North Sea ahead of a planned London listing this year.This followed its purchase last year of a 13.18 percent stake in Faroe Petroleum (LSE: FPM.L - news) , another North Sea operator, for 43 million pounds."2017 will be marked by furthering the group's international presence, by executing on our strategy to focus on the energy sector, with a goal of becoming a key player in global energy markets," Delek CEO Asaf Bartfeld said in a statement.
Hub
30 Mar 2017
More good news for Faroe From Reuters 3hrs ago, looks like Tambar is extended to 2028.Great news......................................................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 2017Also In Financials* 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
Winnet
30 Mar 2017
Re: Buyer Brasse in an appraisal.What are the in place figures targeting?
Hub
30 Mar 2017
Re: Buyer Summer Drills on Brasse should see the stock in high demand.Fundamentals solid and upside via exploration/appraisal over coming months.Brasse drill campaign due t kick off in under 10 weeks I think.HUB
Winnet
30 Mar 2017
Buyer Hi folks. I'm a buyer here at these levels. Balance sheet looks strong with this one.
