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
** 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)