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STOCKS NEWS UK-Faroe extends rally on gas find
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09:30GMT 15Sep2009-Faroe extends rally on gas find
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Shares in Faroe Petroleum Plc extend Monday's rally, trading up 4 percent, a day after the explorer announced the discovery of gas at its Glenlivet exploration well, its first gas find in the Atlantic Margin.
'(The Glenlivet discovery) will provide the market with significant confidence on management's strategy to concentrate on this relatively high risk/reward exploration strategy,' Panmure Gordon's analyst Peter Hitchens says in a note.
'Although it is still early days we believe that this discovery, with considerable uncertainty over the exact reserve level and development cost and timetable, could add 25 pence to our current asset value of 70 pence per share,' says the broker, maintaining a 'buy' rating on the stock.
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