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BUZZ-View from the buyside: Cavendish AM snaps up small E&Ps

** Cavendish AM fund manager Paul Mumford goes against the grain & buys shares in small E&P cos on the cheap in aftermath of savage sell-off in crude oil over last 6 mths

** Faroe Petroleum (LSE: FPM.L - news) , Ithaca Energy (Other OTC: IACAF - news) & Circle Oil all stocks he has bought in last few days

Chart: http://link.reuters.com/pet73w

** Says key attraction of Faroe, a major license holder in Norwegian part of the North Sea, is that the country's govt refunds about 80 pct of exploration costs

** Co hedged oil at $90 barrel which is "not too bad" & its exploration this yr is "quite soundly funded", he says

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** He highlights that fellow North Sea oil focused co Ithaca's Greater Stella Area project will double production when it comes onstream - expected to produce 1st oil before end 2015

** He flags up fact that Middle East & North Africa-focused Circle Oil (LSE: COP.L - news) has good production

** Mumford sees Faroe as safest investment of the three, followed by Ithaca; Circle has slight political risk

** Gloomy day for Europe's oil-related stocks which dominate the loser boards across the region once again (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)