We reiterate our Top Pick recommendation on Faroe Petroleum with a target price reduced from £1.10 to £1.00 per share. Our new target price reflects the mixed results at Portrush and Boomerang in Norway. Overall, while these two wells targeted a total of 180 mmboe prospective resources (mid case – gross), only 12-31 mmboe have been discovered. We continue liking the investment profile offered by Faroe. The firm has one of the best balance sheets within our international cove ....