Uttanlands

Orðastríðið millum DNO og Faroe Petroleum heldur fram

Oljumiðlar kalla tað fyri ”A war of words”, eitt orðastríð ella orðakríggj, sum í løtuni fer fram millum tey bæði oljufeløgini Faroe Petroleum og DNO.

2018-12-15 18:51 Author image
Jan Müller

Hóast leiðsla og nevnd í Faroe Petroleum hevur víst aftur eini yvirtøku av felagnum frá norska DNO, so heldur DNO eftir øllum at døma fram við sínum royndum at keypa upp øll partabrøvini í Faroe Petroleum. Eftir at felagið keypti umleið 28% av partabrøvunum í apríl mánaða, hevur tað síðani boðið uppá restina av felagnum eisini. Hesum hevur nevndin í Faroe Petroleum víst frá sær og hevur eisini mælt øðrum partaeigarum frá at selja m.a. við tí grundgeving, at DNO roynir at keypa felagið alt ov bíligt, og hevur skýrt royndirnar hjá norska felagnum fíggindaligar og opportunistiskar.

Herfyri gjørdi Faroe Petroleum eina sokallaða ”swap” avtalu við Equinor, har feløgini skiftu um ymsar ognir í Norðsjónum uttan tó at kontantur peningur var ímillum. M.a. fekk Faroe Petroleum lut í framleiðandi feltum fyri at lata Equinor lut í feltum, sum skulu útbyggjast.

Leiðslan í DNO hevur eftir tað harðliga átalað nevnd og leiðslu í Faroe Petroleum fyri at gera eina vánaliga avtalu og sigur, at tað gevur frá sær strategiskar týðandi fyrimunir m.a. við at lata frá sær ognir, sum kunnu útbyggjast og harvið skapa meirvirði. DNO sigur, at Faroe Petroleum hevur latið frá sær einki minni enn ein krúnjuvel. Hetta gjørdi nevndin og leiðslan uttan so mikið sum at taka partaeigararnar við uppá ráð. Eisini ivast DNO í, um Faroe Petroleum hevur evnini til at lata Brasse útbyggingina frá sær til tíðina og í tráð við budgettið.

Seinasta boðið hjá DNO fyri Faroe Petroleum er 152 pence fyri partabrævið og metir DNO samlaða virðið á Faroe Petroleum at vera uppá góðar 600 milliónir pund ella 6,54 mia. kr. Nevndin í Faroe Petroleum hevur svarað, at felagið er nógv meira vert enn boðið, sum liggur á borðinum fyribils fram til 2. januar.

Arbeiðandi nevndarformaðurin í DNO, sum er irani, hevur seinastu dagarnar í norskum miðlum funnist at nevndini í Faroe Petroleum fyri ikki at hava givið nakað avkast til partaeigararnar seinastu 15 árini. Hann sigur eisini, at felagið framhaldandi fer at krevja nevndarsessir í felagnum, nú tað eigur 28% av partabrøvunum. Stríðið ella ósemjan millum bæði feløgini heldur fram í norsku miðlunum og hevur nevndin í Faroe Petroleum enn einaferð víst aftur boðnum frá DNO og hevur heitt á partaeigararnar um ikki at taka av og selja til DNO.

Niðanfyri partur av enska tíðindaskrivinum frá Faroe Petroleum sum svar uppá atfinningarnar frá DNO, har felagið endurtekur, at DNO hevur verið opportunistiskt og undirmett veruliga virðið á Faroe og út frá tí heitir á partaeigararnar til ikki at selja:

“…The Board believes that DNO’s offer document contains no substantial new information or arguments to support its Offer. DNO’s opportunistic Offer seeks to exploit the recent oil price fall to acquire Faroe on the cheap.

The offer price represented a premium of only 21% to the closing share price prior to the Offer announcement, which is about half the average premium paid on all UK takeovers over the last 10 years.

DNO’s presentation of the premium that it is offering with reference to Faroe’s share price on April 3, fails to recognize the significant achievements Faroe Petroleum has delivered since then, including the Iris/Hades and Agar discoveries and the recently announced Equinor asset swap; and discount of c.45% to the average price paid recently for comparable North Sea (in particular, Norwegian Continental Shelf) portfolios measured on a per barrel of 2P reserves basis.

DNO offer ignored Faroe management’s “proven track record and the company’s exciting independent future, which has been further enhanced by the recently announced Equinor asset swap.”

Faroe has one of the best exploration track records on the NCS. In the last 12 months alone Faroe has drilled three exploration wells and made two commercial discoveries: Iris/Hades and Agar. Iris/Hades is one of the world’s largest discoveries in the year to date.

Faroe is currently in the midst of the largest drilling campaign in its history with two exploration wells ongoing (Brasse East and Cassidy), four committed exploration & appraisal wells (Pabow, Iris/Hades appraisal, Snadd Outer Outer/Cape Vulture and Bergknapp) and a further five wells being planned (Agar appraisal, Alpha, SE Tor/Gomez, Canela and Brasse Extension) in the next 12-15 months.

The Board believes DNO’s criticisms of Faroe are unfounded and purely a tactic to distract from the simple fact that its Offer substantially undervalues the company.

The recently announced asset swap with Equinor clearly demonstrates the value your Company creates through active portfolio management.

The Board believes DNO’s criticisms of Faroe are unfounded and purely a tactic to distract from the simple fact that its Offer substantially undervalues the company.

Faroe has a robust balance sheet that has been further strengthened by the recently announced Equinor asset swap which allows the Board to give careful consideration to the optimal mix of reinvestment in the existing portfolio, potential M&A opportunities and returning capital to shareholders following completion of the Equinor transaction; Faroe’s remuneration policy is in line with its UK E&P peers and at this year’s AGM, with the exception of DNO, the Directors Remuneration Report was approved by 99.9% of other shareholders who voted; and Faroe is widely recognised for its strong corporate governance culture in line with UK corporate governance best practice.”