Faroe Petroleum, the independent oil and gas company focusing principally on exploration and production opportunities in the Atlantic Margin, the North Sea and Norway, is pleased to announce that it has conditionally raised £62.2 million (approximately £60.0 million net of expenses) through a Placing of 37,718,024 new Ordinary Shares at a Placing Price of 165 pence per Ordinary Share, with both new and existing investors. The Placing is conditional upon Admission, which is expected to take place on 24 November 2010. Panmure Gordon and Oriel Securities acted as joint bookrunners to the Placing.
Graham Stewart, Chief Executive of Faroe Petroleum said:
“We are delighted to have received such strong support from our existing and new shareholders for this placing, which will allow us to fund the new opportunities that we have generated, encompassing appraisal and pre-development work, expansion of our exploration programme, and further acquisition opportunities.
“Alongside today’s placing we have entered into a significant strategic agreement with SSE through which we will leverage our respective resources to mutual benefit in growing our respective upstream portfolios. This relationship has been cemented by SSE’s investment in Faroe through the placing, endorsing our significant potential as a rapidly growing independent exploration and production company.”