AGM Statement

23 Jun 2005 11:34

Faroe Petroleum PLC23 June 2005 23rd June 2005 Faroe Petroleum plc (the "Company") AGM Statement Faroe Petroleum plc, the AIM listed oil and gas company focusing on exploration,appraisal and undeveloped field opportunities in the Atlantic margin and theNorth Sea, is pleased to announce that all the resolutions proposed at theCompany's AGM held at 11.00 a.m. this morning were passed. At the meeting, the following comments were made by Graham Stewart, CEO of FaroePetroleum: "It has been a very busy and productive start to the current financial year. "In February we made our first move into the North Sea, when we acquired a 90%equity stake in two part blocks on the Halibut Horst in the UK Central NorthSea. This is located in a highly prospective, yet un-drilled area in the OuterMoray Firth well known for hydrocarbon seeps, and neighbours many producingfields, including the giant Piper and Claymore oil fields. "In March, the Company placed 12,181,818 new ordinary shares at 110p per share,raising £13.4m before expenses. These funds will be used to further develop theCompanys asset portfolio through driving forward the drilling programme, andmaking selective asset additions. "Most recently, earlier this month, we increased our stake in Licence 002 in theFaroes from 25% to 100% and assumed operatorship from ENI. The Licence containsa promising un-drilled structural lead, Orodruin, with significant reservepotential and is located in the south easterly corner of the Faroese territorialwaters bordering the UK and close to the major producing oil fields Foinaven andSchiehallion. "Management continues to focus on adding value to the portfolio. We are makinggood progress with our programme of acquiring new seismic data over six of ourlicences this year, of which two are operated by Faroe Petroleum. Followinganalysis of the seismic data, we will be pushing for the earliest drilling datespossible. "Management is confident of delivering shareholder value, as Faroe Petroleumoffers a direct route for investors to gain considerable portfolio exposure tothe value potential of the exciting Atlantic margin region." - Ends - For further information, call: Graham Stewart, Chief Executive, Faroe Petroleum plc Tel: 01224 652 810 Frank Moxon, Williams de Broe Tel: 020 7588 7511 Jonathon Brill/Billy Clegg, Financial Dynamics Tel: 020 7813 3113 This information is provided by RNS The company news service from the London Stock Exchange