EGM Statement

8 May 2006 11:41

Faroe Petroleum PLC08 May 2006 8 May 2006 Faroe Petroleum plc ("Faroe Petroleum" or "the Company") EGM statement Faroe Petroleum, the AIM listed oil and gas company with a portfolio ofexploration, appraisal and undeveloped field assets in the Atlantic margin andthe North Sea, is pleased to announce that the resolutions proposed at theCompany's EGM held earlier today relating to the placing of new ordinary shareswere duly passed by shareholders. A total of 18,382,353 new ordinary shares have been placed with institutionaland other investors on behalf of the Company by Williams de Broe and PanmureGordon at a price of 136p per Share, which represents a discount of 4.9 percent, to the closing price on the close of business the day before theannouncement. Total funds raised for the Company from the placing are £25.0 million beforeexpenses. Dealings in the new ordinary shares are expected to commence at 08.00 onWednesday, 10 May 2006. Following admission of the new ordinary shares totrading on the AIM market, the Company will have 73,677,916 ordinary shares inissue. Graham Stewart, Chief Executive of Faroe Petroleum, said, "I would like to thank our shareholders for the support they have shown us. Weare well positioned to undertake the next stage of the Company's businessstrategy, which includes the drilling programme, the continued maturing of theCompany's licence portfolio, and expansion into Norway, where the Company hasrecently become pre-qualified." - Ends - For further information, call: Graham Stewart, Chief Executive, Faroe Petroleum plc 01224 652 810 Frank Moxon, Williams de Broe plc 020 7588 7511 Jonathon Brill/Billy Clegg, Financial Dynamics 020 7813 3113 This information is provided by RNS The company news service from the London Stock Exchange