Faroe, Eco Atlantic, Infrastrata
Paul Kettle
Malcy's Blog -2 min read
17:02, 5th December 2018

Faroe Petroleum FOLLOW

Faroe has announced a Norwegian asset swap with Equinor, it trades out of all interests in the Njord and Hyme redevelopments and the Bauge development assets in return for four production assets on the Norwegian continental shelf being Alve, Marulk, Ringhorne East and Vilge.

The deal adds 7-8/- boe/d to 2019 production and neatly balances the portfolio without impacting reserves. It also reduces capex ‘significantly’ by cutting or eliminating exploration costs on the divested assets and also lowers opex pb ‘materially ‘.

Faroe will see an immediate acceleration of utilisation of its Norwegian tax loss position and give the company a chance to reinvest in its existing portfolio, continue to assess M&A opportunities and potentially return capital to shareholders. With medium term production of 50/- boe/d Faroe have at a stroke revitalised a portfolio that was already in good condition but Had attracted  vermin seeking to profit from recent oil price weakness. An excellent deal that proves, if any proof were needed that shareholders in Faroe are way better off with current management.

Eco Atlantic Oil & Gas FOLLOW

Confirmation today of the 2019 drilling programme, the first exploration well on Orinduik will be spudded in May or early June on the Jethro-Lobe prospect. The well is expected to cost $7.6m so Eco with current cash of over $20m will have plenty of ammunition for the campaign. With at least one or two wells to be drilled next year Eco are in a remarkably strong position and remain extraordinarily cheap given that Exxon has just upped its numbers on the adjacent Stabroek block to 5bn barrels of oil.

Infrastrata FOLLOW

INFA announced this morning that it has completed its final milestone  for the FEED for the Islandmagee project and that the report has been sent to the EU for grant purposes and they should receive payment in Q2 2019 post verification. The company is now in a position to concentrate on completing negotiations with the three potential equity providers which is now at term sheet stage.

The speed with which Ifrastrata has processed stuff in the last few months has been highly impressive, this could now really be a runner…..

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