Faroe Petroleum Plc Regulatory News (FPM)

12 Jul 2006 16:27

Faroe Petroleum PLC12 July 2006 12th July 2006 Faroe Petroleum plc (the "Company") AGM Statement Faroe Petroleum, the independent oil and gas company with a portfolio of 17licences in the Faroes, West of Shetland and the North Sea, is pleased toannounce that all the resolutions proposed at the Company's AGM held at 2.30pmthis afternoon, were duly passed. At the meeting, the following statement was made by Graham Stewart, CEO of FaroePetroleum: "It has been a very busy and productive start to the current financial year; wehave commenced our drilling programme, hired our very experienced Norwegianteam, opened our office in Stavanger, Norway and pre-qualified for the upcomingNorwegian licensing rounds. "In May, the Company placed 18,382,353 new ordinary shares at 136p per share,raising £25.0m before expenses. These funds will be used to further develop theCompany's asset portfolio through driving forward the drilling programme, andmaking selective asset additions. "Good progress is being made with our many Licence work programmes and towardsenhancing our portfolio. We have an exciting period to look forward to as weprepare to drill the Statoil-operated Brugdan exploration well this summer inthe Faroe Islands. Issue of new shares Faroe Petroleum has today issued 140,000 ordinary shares of 10 pence each toSagex Group AS ("Sagex") at a price of 32 pence per share in full and finalsettlement of all disputes between Sagex and the Company's subsidiary ForoyaKolvetni p/f ("FK"), dating back to the year 2000, as disclosed in our AIMAdmission Document dated 23 June 2003. The share issue price of 32 pence iscalculated with reference to the December 2002 40:1 share for share exchange asbetween the Company and FK, the option by Sagex to acquire 3,500 FK shares at140 Kroner each and yesterday's closing Kroner: Sterling exchange rate of £1:Kroner 10.787. - Ends - For further information, call: Graham Stewart, Chief Executive, Faroe Petroleum plcTel: 01224 652 810 Billy Clegg, Ed Westropp, Financial DynamicsTel: 020 7813 3113 This information is provided by RNS The company news service from the London Stock Exchange