Faroe Petroleum's shares are looking tantalisingly cheap following the broad sell-off in equities lately and unsuccessful drilling of two Norwegian oil prospects in March.
IC TIP:
Buy
at
149p
This is an exciting time for Faroe, with three high-impact exploration wells drilling at the same time. The company's first operated well in the Norwegian North Sea, Clapton, spudded late last month, while the Cooper exploration well, also in Norway, spudded just weeks earlier. Faroe controls a 40 per cent and 30 per cent interest in the wells, respectively. Meanwhile, drilling continues at the BP-operated North Uist deepwater well in the west Shetland region of the Atlantic Margin, where Faroe holds a 6.3 per cent interest.
