Faroe Petroleum Plc Regulatory News (FPM)

29 Jun 2007 13:06

Faroe Petroleum PLC29 June 2007 29 June 2007 Faroe Petroleum plc (the "Company") Directorate Change Faroe Petroleum, the independent oil and gas company focusing on exploration,production, appraisal and undeveloped field opportunities in the AtlanticMargin, North Sea and Norway, is pleased to announce that effective 1 September2007, John Bentley will be appointed to the Board as non executive Chairman toreplace Joe Darby who will retire after four years as the Company's Chairman. John Bentley (59) has over 35 years experience in the natural resources sector.He was Managing Director of Gencor's Brazilian mining company, Sao BentoMineracao during the period 1988 to 1993 when he became CEO of Engen's E&Pdivision. In 1996 he was instrumental in spinning off Energy Africa from Engenand listing it on the Johannesburg and Luxembourg stock exchanges. As CEO duringits first 5 years he guided Energy Africa through its development into one ofthe leading independent E&P companies in Africa. More recently he was ExecutiveChairman of FirstAfrica Oil plc from Sept. 2006 until its acquisition byBowLeven plc in early 2007. He is non-executive chairman of CDS Oil & Gas Groupplc and a non-executive director of Rift Oil plc. John holds a degree inMetallurgy from Brunel University. Graham Stewart, chief executive of Faroe Petroleum commented: "We welcome Johnto the Board as we enter the next phase of growth for our Company. I would alsolike to thank Joe on behalf of everyone at Faroe Petroleum for his four years ofhard work and excellent guidance as Chairman, presiding over the business from apre-IPO exploration company with two licences in the Faroes, to a well resourcedand well positioned exploration and production company with considerablepotential." - Ends - Existing directorships of Mr John William Sharp Bentley: Balmuir Estates Nominees LtdBalmuir Estates Farming LtdCDS Oil & Gas Group plcPtarmigan Natural Resources LtdRift Oil plc Previous directorships of Mr John William Sharp Bentley in the last 5 years: Osprey Oil & Gas Ltd,PA Resources SA,Adastra Minerals Inc,Vanco Energy CompanyFirstAfrica Oil plc Save for the above, there is no further information required to be disclosedunder paragraph (g) of Schedule 2 of the AIM Rules, with respect to theappointment of Mr Bentley Enquiries: Faroe Petroleum plcGraham StewartTel: 01224 652 810gstewart@faroe-petroleum.com Financial DynamicsBilly Clegg/Edward WestroppTel: 0207 269 7157billy.clegg@fd.com Notes to Editors The Company is actively building a balanced portfolio of operated andnon-operated exploration and appraisal properties, with significant stakes andan active work programme. Faroe Petroleum has through successive licenceapplications and acquisitions built a substantial portfolio of exploration andappraisal assets in the Atlantic Margin, the UK and Norwegian North Sea andNorwegian Sea. The 34 licence portfolio provides considerable spread of risk andreward, encompasses eight licences West of Shetlands, five licences offshore theFaroe Islands, seven licences in the Moray Firth area of the UK Central NorthSea, seven licences in the Southern gas basin and seven licences in theNorwegian North Sea and Norwegian Sea. The Company operates five of its AtlanticMargin licences and four of its North Sea licences. Faroe Petroleum jointventure partners include BP, Chevron, ConocoPhillips, DONG, DSM, Eni, E.ONRuhrgas, GDF, Oilexco, OMV, RWE, Shell and Statoil all of which have anoutstanding track record in oil and gas exploration and development. Faroe Petroleum is listed on the Alternative Investment Market (AIM) of theLondon Stock Exchange and has its headquarters in Aberdeen, UK. Faroe Petroleumhas a highly experienced team of professionals focused on creating exceptionalvalue for its shareholders. The company recently enhanced its capability throughthe establishment of a new Norway based team in Stavanger, designed tocapitalise on the significant opportunities in that region; most of this newteam joined Faroe from Paladin Resources Norge following Paladin's acquisitionby Talisman in 2006. This information is provided by RNS The company news service from the London Stock Exchange