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Faroe Petroleum (FPM)

Business description

Faroe Petroleum is an AIM-listed E&P with operations in Norway, UK and Ireland. Production in FY18 is expected to be 12–14kboed from an end-2017 reserve base of 98mmboe.

Stock data

Market cap.£568.3m
Last close152.40p
High / Low (52 weeks)170.6p / 91.2p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

Relative *15.212.873.9

* % Relative to local index

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Investment summary

DNO ASA has announced the terms of an offer for the whole of the issued and to be issued share capital of Faroe Petroleum. The offer will be 152p/share in cash for each Faroe share, valuing Faroe’s existing issued and to be issued share capital at c £607.9m.

Last updated on 29/11/2018

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 94.8 (33.5) (61.6) (10.6) N/A 8.6
2017A 152.9 44.0 (21.0) (5.1) N/A 4.2
2018E N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 28/11/2018

Latest research

DNO cash offer for Faroe at 152p/share

Flash note | Oil & Gas | 28/11/2018

Agar/Plantain discovery

Flash note | Oil & Gas | 15/11/2018

Rungne uncommercial discovery

Flash note | Oil & Gas | 14/11/2018

DNO - Norway Jose

Initiation | Oil & Gas | 01/10/2018

Latest video

Bitesize briefing - Faroe Petroleum

Industry outlook

At 152p/share, DNO’s offer values Faroe’s existing issued and to be issued share capital at c £607.9m. Of the offer value of approximately £443.8m on a fully diluted basis, £402.6m is attributable to the current issued share capital of Faroe (other than the Faroe shares already held by DNO, representing 28.22% of Faroe’s issued share capital, and the Faroe Employment Benefit Trust). The balance £41.2m is attributable to DNO’s understanding of the number of outstanding share options and awards granted by Faroe to its directors, management and employees. For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with Faroe Petroleum.

Last updated on 29/11/2018

Key management

John Bentley, Chairman
Graham Stewart , CEO
Jonathan Cooper, CFO
Helge Hammer, COO

Company address

55 Strand
United Kingdom
+44 (0)20 7839 9720
View website