Sunday, March 24, 2019

Faroe Petroleum News

DNO 2019 Spending to Rise Sharply

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Norwegian oil firm DNO reported on Thursday a higher-than-expected operating profit in the fourth quarter and said it would hike 2019 spending as it planned to drill a record number of wells.The Oslo-listed firm, which produces most of its oil in the Kurdistan region of Iraq,…

New Directors at Faroe Petroleum

Faroe Petroleum announced Monday that it new directors have been appointed to lead the company after much of its executive team resigned following a hostile takeover by DNO.Faroe said Bjørn Dale has been appointed as Chairman and Ørjan Gjerde has been appointed as Non-Executive…

Norway Awards Record Number of Exploration Blocks

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Norway awarded a record 83 blocks to explore for petroleum resources in mature areas of the Norwegian continental shelf, in a sign of continuing interest from oil companies in the country's oil sector, the energy ministry said on Tuesday.A lack of large discoveries on the shelf has prompted concerns that Norway's top industry…

Faroe Execs Quit After DNO Takeover

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Faroe Petroleum's Chief Executive Graham Stewart, Chief Financial Officer Jonathan Cooper and Chief Operating Officer Helge Hammer will resign, Faroe said on Friday after the company was taken over in a hostile bid by DNO.The executives, including Stewart who was among the founders of Faroe, will step down within three months from Jan.

DNO Clinches Faroe Petroleum

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Norwegian oil company DNO has secured control of Faroe Petroleum, a day after raising its hostile bid for the British company to 641.7 million pounds ($819 million).The move effectively ends a bitter battle that started around nine months ago when DNO bought a stake in the British firm…

Spirit Energy Gets Nod for Oda Development

Image: Spirit Energy

North Sea explorer Spirit Energy has been given the green light from Norwegian Petroleum Directorate (NPD) to start up its first operated development in Norway.Oda is a subsea development where the wellstream is sent on to the Ula platform for processing and transport.Spirit Energy expects to start-up in February/March 2019.

DNO Adds to Faroe Stake in Hostile Takeover Saga

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Norwegian oil company DNO has achieved another slight increase to its stake in Faroe Petroleum, it said on Friday as it continues its battle for control of the British business.DNO's combined ownership and bid acceptances now stands at 43.8 percent, up from about 43 percent on…

Brasse Wells Disappoints Faroe Petroleum

Brasse Exploration well. Image: Faroe Petroleum

Faroe Petroleum has failed to find hydrocarbons at its Brasse East exploration well in the Norwegian North Sea, while the Brasse appraisal sidetrack well encountered hydrocarbons.The Aberdeen-headquartered firm said that the Brasse East exploration well 31/7-3 S was drilled to a total depth of 2,247 metres below sea level.

DNO Bid Undervalues Faroe by 48 %

File Image: Faroe Petroleum

North Sea player Faroe Petroleum published an independent valuation of its assets by Gaffney, Cline & Associates (GCA), which is said to highlight the inadequacy of DNO ASA's GBP608 million at 152p per share takeover offer.Faroe Petroleum could be worth more than USD1bln (GBP800m)…

Faroe Rebuffs DNO Again

Faroe Petroleum’s license portfolio (Image: Faroe Petroleum)

Britain's Faroe Petroleum reiterated on Thursday its opposition to a hostile bid by Norway's DNO, which it said was "inadequate" and substantially undervalued the Aberdeen-based firm.DNO, which last week maintained its offer to buy Faroe in a deal that valued the company at about 610 million pounds ($772.63 million) or 152 pence per share…

DNO Buys More Faroe Shares

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Norwegian oil firm DNO has bought another 914,732 shares in Faroe Petroleum at 151.6 pence each, it said on Tuesday.The purchase, at just below the 152 pence per share price it has offered in a takeover bid for Faroe, adds slightly to DNO's stake, which now stands at about 106.16 million shares, corresponding to 28.47 percent, it added.(Report

Faroe Criticizes DNO's Takeover Bid as 'Opportunistic'

Image: Faroe Petroleum

The oil and gas company with focus in Norway and the U.K. Faroe Petroleum has reaffirmed that Norwegian oil giant DNO ASA's GBP608mln ($761.65 million) unsolicited takeover offer for the AIM-listed firm is "opportunistic" and "substantially" undervalues it.Aberdeen-headquartered…

DNO Makes $780 Mln Cash Bid for Faroe Petroleum

Faroe holds a 7.5 percent equity stake in the Njord field, operated by Equinor
 (Photo: Thomas Sola / Equinor)

Norway's DNO is sticking to its offer to buy Faroe Petroleum for 152 pence per share, valuing the company at about 610 million pounds ($761.65 million), insisting it is an attractive offer despite its rejection by the Faroe board.The Faroe board has said the company was worth substantially more than the bid, first announced on Nov. 26.

Equinor, Faroe Petroleum in Asset Swap

Image: Faroe Petroleum

Britain's Faroe Petroleum has agreed to swap oil and gas fields with Norwegian state firm Equinor as it fights a hostile takeover from Norwegian oil and gas operator DNO.It appears that Faroe in fight-back mode after DNO’s so-called ‘opportunistic’ bid.The oil and gas company focusing principally on exploration…

DNO Makes Hostile Bid for Faroe Petroleum

Norway's DNO has launched a hostile bid to buy all of Faroe Petroleum in a deal valuing the London-listed company at around 608 million pounds ($781 million), sending Faroe shares up by a quarter.DNO, which already owns 28 percent of Aberdeen-based Faroe, returned to the North…

Faroe Petroleum Spuds Well off Norway Coast

Image: Faroe Petroleum

Aberdeen-headquartered Faroe Petroleum has started drilling the Brasse East exploration well off the coast of Norway.The oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK announced the commencement of the Faroe-operated  well 31/7-3 S in the Northern North Sea…

DNO Beats Forecasts with Q3 Operating Profit

Norwegian oil firm DNO said on Thursday third-quarter earnings beat forecasts, helped by higher oil prices and rising output in the Kurdistan region of northern Iraq.The region's largest international oil producer posted a third-quarter operating profit of $71 million, above expectations…

Aker BP Wins Approval for Gas Lift at Tambar

Norway's oil and gas watchdog has approved Aker BP's plans to modify facilities at the Tambar oilfield to support North Sea oil production it said on Thursday. The approved modification includes installation of a gas lift module to inject natural gas into wells to help to produce oil from the reservoir.

Well Drilling at Fogelberg Gas Discovery to Start in Feb/March

Centrica said drilling will start on an appraisal well at its Fogelberg natural gas discovery in the Norwegian sea in February/March to gain a better understanding of volumes and reservoir quality. Norwegian company Island Drilling has won the drilling contract, Centrica said in a statement on Friday.

Statoil's Offshore Norway Project to give 248 mln boe

File Image: a typical offshore North Sea installation (Credit: Statoil)

Statoil submits plans (PDO) for Njord extension, Bauge field; Total $2.4 bln investments, recoverable resources 248 mln boe. * Statoil's project manager Torger Roed says "we are working hard to make more decisions on new projects. Two of them are Johan Castberg and the Snorre expansion.