Market reaction: slightly negative. This was potentially a big well, however very high risk. We carried Kvalross at £0.08 per share in our ReNAV (£0.84 per share Unrisked). While we recognize that £0.08 per share is material in the context of the shares trading at £0.61, we believe that investors have now very muted expectations on exploration. Our Core NAV for Faroe is £0.82 per share. Faroe continues offering a valuation with the best resilience to low oil pric
