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Open Offer

 

THIS ANNOUNCEMENT REPLACES ANNOUNCEMENT 8893E AND INCLUDES A SUMMARY TIMETABLE OF EVENTS

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW ORDINARY SHARES OF FAROE PETROLEUM PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal, development and production opportunities in Norway and the UK, announces that it has today posted to Shareholders a circular (the “Circular”) detailing the Company’s proposals to issue 5,958,896 Open Offer Shares pursuant to the Open Offer and a notice of general meeting (the “GM”).

The Circular, together with the notice of GM, form of proxy and application form will be posted to Shareholders today. The GM will take place at 11.00 a.m. on 9 August 2016 at the offices of FTI Consulting at 200 Aldersgate St, London EC1A 4HD.

The Open Offer is being carried out in order to allow all Shareholders the opportunity to participate in a further issue of new equity in the Company at the Issue Price of 70 pence per Ordinary Share, which was the price at which the Company issued shares to institutional and other investors under the Placing, to raise £62 million (before expenses), which the Company announced on 15 July 2016. The principal purpose of the Placing was to fund the acquisition of certain assets from DONG Energy in Norway. The net proceeds of the Open Offer will be used primarily for general working capital purposes in order to continue to execute the Company’s exploration, appraisal and development-led growth strategy.

The definitions set out in the Circular apply in this announcement unless the context otherwise requires. The Circular, excerpts of which can be found below, and this announcement have been posted on the Company’s website https://www.fp.fo/investors/aim-rule-26/.

The Open Offer has been underwritten by Stifel and RBC.

Full details can be found by clicking here