EGM Statement

18 Apr 2005 12:03

Faroe Petroleum PLC18 April 2005 18th April 2005 Faroe Petroleum plc (the "Company") EGM 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 EGM held at 11.00 a.m. this morning relating to the placing of newOrdinary Shares were passed. A total of 12,181,818 new Ordinary Shares have been placed with institutionaland other investors on behalf of the Company by Williams de Broe at a price of110p ("Placing Price") per Share (the "Placing"). Total funds raised for theCompany from the placing are £13.4m before expenses. In addition, 6,000,000existing Ordinary Shares have been placed by Williams de Broe with institutionalinvestors at the Placing Price on behalf of Faroe Petroleum Investments Ltd ("FPIL"), leaving FPIL with 1,546,800 Ordinary Shares, representing 2.8% of theCompany's issued share capital (as enlarged by the Placing). This means thatFPIL will no longer have a notifiable interest in the Company. Trading in the new Ordinary Shares begins on Friday 22nd April. Followingadmission of the new Ordinary Shares, the Company will have 55,175,563 OrdinaryShares in issue. Graham Stewart, Chief Executive of Faroe Petroleum said: "These funds will enable Faroe Petroleum to participate with a material stake inour future drilling programme, giving us the potential to create significantvalue for shareholders from our exciting portfolio of assets." "Faroe Petroleum offers a direct route for investors to gain considerableexposure to the value potential of the Atlantic margin region." Ends For further information, call: Graham Stewart, Chief Executive, Faroe Petroleum plc01224 652 810 Frank Moxon, Williams de Broe020 7588 7511 Jonathon Brill/Billy Clegg, Financial Dynamics020 7813 3113 This information is provided by RNS The company news service from the London Stock Exchange