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Unaudited Interim Results for the six months ended 30 June 2014

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and the Atlantic Margin, announces its unaudited Interim Results for the six months ended 30 June 2014.





Graham Stewart, Chief Executive of Faroe Petroleum, commented:

“We are very pleased with the progress of the Company in the first half of 2014. The three outstanding achievements during the period were the significant Pil and Bue discoveries, the production acquisition of Schooner and Ketch and our £65 million share placing in June 2014. These three successes show that our exploration-led, production-backed growth model is continuing to deliver and has strong investor support.

“The combined recoverable volumes on the Pil and Bue discoveries are estimated to be between 80 and 200 mmboe gross (20 to 50 mmboe net to Faroe), potentially making it our largest exploration success to date. The discoveries have de-risked a number of very exciting prospects on the licence and the partnership has already committed to two further wells on the licence for drilling in 2015.

“The Schooner and Ketch operated production acquisition considerably boosts and diversifies our oil and gas cash flow generation. The transaction is highly tax efficient, providing shelter for our historic UK tax losses and future capital expenditure in the UK. As anticipated, the Njord and Hyme temporary shut-in reduced turnover and profits for the first half but with these fields having been brought back on production in July, Faroe’s production levels are now higher than ever before.

“The Company’s substantially oversubscribed share placing in June 2014 raised £65 million gross and we are very pleased with the strong support Faroe received from its existing and new investors. The placing strengthens the Company’s finances and allows us to accelerate activities, follow up recent exploration successes and target further production acquisition opportunities.”

Please click here for the full announcement.

For further information please contact:

Faroe Petroleum plc
Graham Stewart/Jonathan Cooper
Tel: +44 1224 650 920

Oriel Securities Limited
Michael Shaw/Ashton Clanfield
Tel: +44 20 7710 7600

RBC Capital Markets
Matthew Coakes/Jeremy Low
Tel: +44 20 7653 4000

FTI Consulting
Edward Westropp/Tom Hufton
Tel: +44 20 3727 1000