Sunday, June 16, 2019

Graham Stewart News

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…

Faroe Execs Quit After DNO Takeover

© wittybear / Adobe Stock

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…

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…

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…

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…

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…

Energy Firms Partner to Cut Costs in the North Sea

Photo: Petrofac

Petrofac, Faroe Petroleum and Eni Hewett have established a cost-saving partnership to drive efficiencies and commercial synergies across U.K. operations in the Southern North Sea. The tripartite agreement sees collaboration between Petrofac (Duty…