Proposed Acquisition, Placing and Publication of Q1 Financial Information and CPR14 July 2016
Faroe, the independent oil and gas company focusing principally on exploration, appraisal, development and production opportunities in Norway and the UK, is pleased to announce that it has conditionally agreed to acquire a package of interests in producing Norwegian oil & gas assets from DONG E&P Norge AS (“DONG”). A total consideration of US$70.2 million has been agreed with the vendor and, subject to the satisfaction of certain conditions, it is expected that the completion of the Acquisition will occur by the end of 2016.
The Company also announces its intention to conduct a placing with certain institutional investors and the directors of the Company (the “Placing”) to raise gross proceeds of approximately £60.8 million in order to fund the Acquisition and to accelerate Faroe’s recent Brasse discovery towards development sanction. The Placing is being conducted through an accelerated bookbuilding process which will be launched immediately following this announcement.
The full announcement is contained here