Spinning the drill bit when looking for oil and gas is never an exact science. Advances in seismic analysis, data science and geology can reduce the risk, but there is never a guarantee of success.
Faroe Petroleum, which Tempus rated as a “buy” in April, has a solid track record for an independent player, making an average of more than one commercial-sized discovery a year over the past decade.
The Aberdeen-based company was formed in 1997 and has been headed by Graham Stewart since 2002. He led its listing on Aim in 2003, where its market capitalisation now stands at about £480 million. It continues to concentrate much of its efforts in the Norwegian North Sea, where tax incentives make exploration attractive, but it