Companies: FPM   

The Faroe Petroleum share price has come back more than 30p in the past fortnight following news that the latest drilling on the North Halibut field turned up a dry well. Since then, the company has announced a farm-in to a southern North Sea block operated by Sterling Resources, which contains the Breagh gas field.

Long-term, it is Faroe’s big stake in the Atlantic Margin area that will determine where the shares go. But, in the short-term, there is little prospect of a big rally from the current 118.5p (which compares with a recommendation level here in September last year of 160p). Cut your losses and sell.

Faroe Petroleum	AIM	£72.55m	69.25p	-3.00p
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Other company articles:
North Sea cheer for Faroe			03/10/2008
Faroe raising £45 million			30/11/2007
Norway beckons Faroe			11/09/2006
Faroe hits dry well			09/06/2006
Faroe Petroleum waits on North Halibut			23/05/2006