Source - SMW
Cantor Fitzgerald has moved to a buy call (from hold) on Faroe Petroleum (LON:FPM) after the company announced a successful appraisal well at its Brasse asset in the Norwegian North Sea and believing the recent share price retrenchment provides an attractive entry point.

The broker added: "The combination of existing cash, new credit facilities and cash flow from the company's enhanced portfolio of producing assets, means that Faroe is sufficiently funded to take advantage of the material development upside in its portfolio as well as an active drilling programme on the Norwegian continental shelf."

Target price left unchanged at 100p per share.

At 3:33pm: (LON:FPM) Faroe Petroleum PLC share price was +1.75p at 85.5p