Market Reaction: Negative. Our ReNAV for the well was only £0.03 per share (£0.11 per share), however the market often overreacts. In terms of readthrough for prospectivity at the Boomerang and Blink prospects there are some positives (trap mechanism works and the same sands as at Pil were present) and negatives (no hydrocarbons). It however highlights that Faroe needs to revisit its geological models and it is not clear how the results of the Portrush well will impact the risking
11 Sep 2015
DRY HOLE AT PORTRUSH IN NORWAY
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
DRY HOLE AT PORTRUSH IN NORWAY
Faroe Petroleum (FPM:LON) | 0 0 (-0.4%) | Mkt Cap: 371.0m
- Published:
11 Sep 2015 -
Author:
Stephane Foucaud -
Pages:
2
Market Reaction: Negative. Our ReNAV for the well was only £0.03 per share (£0.11 per share), however the market often overreacts. In terms of readthrough for prospectivity at the Boomerang and Blink prospects there are some positives (trap mechanism works and the same sands as at Pil were present) and negatives (no hydrocarbons). It however highlights that Faroe needs to revisit its geological models and it is not clear how the results of the Portrush well will impact the risking