Shares digital

Even though it has built up a 24.2% stake, Dana Petroleum (DNX) has so far refused to comment on whether it intends to launch a formal bid for Faroe Petroleum (FPM:AIM). Dana’s stake building has driven Faroe’s shares from 138p to 171.5p in the last month. Faroe has also been boosted by this week’s announcement of successful testing at the Tullow Oil (TLW)-operated Wissey Gas field in the Southern North Sea, and the award of five new licences in Norway earlier this month.

Shares says: Faroe is in a good position regardless of the interest from Dana, which itself is in the middle of a potentially value-creating drilling campaign. TS

BUY Dana Petroleum, Faroe Petroleum