Faroe Petroleum PLC Directorate Change (9221M)
January 11 2019 - 10:34AM
UK Regulatory
TIDMFPM
RNS Number : 9221M
Faroe Petroleum PLC
11 January 2019
11 January 2019
Faroe Petroleum plc
("Faroe", "Faroe Petroleum", the "Company")
Directorate Change - Resignation of Executive Directors
Following the announcement made by DNO ASA ("DNO") on 11 January
2019 that it now owns or controls shares representing approximately
63.32 per cent of the Company's total issued share capital, Graham
Stewart (Chief Executive), Jonathan Cooper (Chief Financial
Officer) and Helge Hammer (Chief Operating Officer) together the
'Executive Directors' have, pursuant to the change of control
provisions in each of their contracts of employment, given three
months' notice of termination of their employment with the
Company.
The Executive Directors have also stated their intention to
resign from all directorships and other offices which they hold
with Faroe Petroleum and all of its subsidiaries as soon as is
practicable, with the intention of remaining as directors until
such time as new replacement executive directors are appointed, to
ensure an orderly transition, but in any event at the latest by the
end of their three month notice periods
For further information please contact:
Faroe Petroleum plc Tel: +44 (0) 1224 650
Graham Stewart, CEO 920
Stifel Nicolaus Europe Limited Tel: +44 (0) 20 7710
Callum Stewart / Nicholas Rhodes / Ashton 7600
Clanfield
BMO Capital Markets Tel: +44 (0) 207 236
Tom Rider / Jeremy Low / Tom Hughes 1010
FTI Consulting Tel: +44 (0) 20 3727
Ben Brewerton / Sara Powell / Toby Chidavaenzi 1000
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
In accordance with Rule 26 of the Takeover Code, a copy of this
announcement will be available, subject to certain restrictions
relating to persons resident in Restricted Jurisdictions, on Faroe'
website at https://www.fp.fo/ by no later than 12 noon on the
Business Day following the date of this announcement. For the
avoidance of doubt, the content of the website is not incorporated
into and does not form part of this announcement.
Notes to Editors
The Company has, through successive licence applications and
acquisitions, built a substantial and diversified portfolio of
exploration, appraisal, development and production assets in
Norway, the UK and Ireland. Faroe has extensive experience working
closely with major and independent oil companies and is an
experienced operator of both exploration and production
licences.
The Company's substantial licence portfolio provides a diverse
spread of risk and reward. Faroe has an active E&A drilling
programme and has interests in a portfolio of producing oil and gas
fields in Norway and the UK, including interests in the Brage,
Ringhorne East, Ula, Tambar and Trym fields in Norway and the Blane
oil field in the UK. In 2016 the Company completed the acquisition
of a package of Norwegian producing assets from DONG Energy
including interests in the Ula, Tambar, Oselvar and Trym fields and
in December 2018 announced a transaction with Equinor to swap the
Company's interests in Njord, Hyme and Bauge for interests in four
producing fields, Alve, Marulk, Ringhorne East and Vilje .
In November 2013 and March 2014 Faroe announced the Snilehorn
(Bauge) and Pil (Fenja) discoveries in the Norwegian Sea in close
proximity to the Njord and Hyme fields. In July 2016, the Company
announced the Brasse discovery, close to the Brage field, and the
Njord North Flank (Bauge) discovery, close to the Njord field, both
in Norway. In February 2018, the Company announced the sale of part
of its interest in the Fenja field and in April 2018 announced the
significant Iris and Hades discoveries.
Norway operates a tax efficient system, which incentivises
exploration, through reimbursement of 78% of costs in the
subsequent year. Faroe has built an extensive portfolio of high
potential exploration licences in Norway, which, together with its
established UK North Sea positions provides the majority of
prospects targeted by the Company's sustainable exploration
drilling programme. Faroe has had significant success in
exploration on the Norwegian continental shelf, and the great
majority of the Company's 2P reserves have been generated directly
from Faroe's exploration success.
Faroe Petroleum is quoted on the AIM Market of London Stock
Exchange. The Company is funded from cash reserves and cash flow,
with a net cash position of GBP83 million (unaudited) at 30 June
2018, up from GBP75 million at 31 December 2017 and in addition has
access to a $350 million reserve base lending facility. The Company
has also raised a $100 million senior unsecured bond which is
listed on the Oslo Børs. Faroe has a highly experienced technical
team who are leaders in the areas of seismic and geological
interpretation, reservoir engineering and field development,
focused on creating exceptional value for its shareholders.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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