Market reaction: Slightly Positive. While the net cash position at YE15 is below our expectations, the market might focus on lower FY15 capex, FY15 production slightly above the top end of the guidance and good FY16 production guidance (albeit in line with our expectations). FY16 capex is also lower than anticipated. The lower net cash probably reflects a lower operating cash flow perhaps due to working capital movement and the amount of Norway tax refund (£34 mm vs our expectation of &
05 Feb 2016
OPERATING UPDATE
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OPERATING UPDATE
Faroe Petroleum (FPM:LON) | 0 0 (-0.4%) | Mkt Cap: 371.0m
- Published:
05 Feb 2016 -
Author:
Stephane Foucaud -
Pages:
2
Market reaction: Slightly Positive. While the net cash position at YE15 is below our expectations, the market might focus on lower FY15 capex, FY15 production slightly above the top end of the guidance and good FY16 production guidance (albeit in line with our expectations). FY16 capex is also lower than anticipated. The lower net cash probably reflects a lower operating cash flow perhaps due to working capital movement and the amount of Norway tax refund (£34 mm vs our expectation of &