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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Faroe Petrol. | LSE:FPM | London | Ordinary Share | GB0033032904 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 160.40 | 160.00 | 160.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFPM
RNS Number : 0383C
Faroe Petroleum PLC
16 January 2018
16 January 2018
Faroe Petroleum plc
("Faroe Petroleum", the "Company")
US$100m senior unsecured bond listed on Nordic ABM
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that the Company's US$100m senior unsecured bond "Faroe Petroleum plc 8.00% Senior Unsecured Callable Open Bond Issue 2017/2023" with ISIN NO001 0811268 will be listed on the Nordic ABM on 17 January 2018.
Danske Bank, DNB Markets and SEB acted as Joint Lead Managers and bookrunners for the bond issue. Pareto Securities, Sparebank 1 Markets and Stifel acted as Co-Lead Managers.
- Ends -
For further information please contact:
Faroe Petroleum plc Tel: +44 (0) 1224 650 Graham Stewart, CEO 920 Stifel Nicolaus Europe Tel: +44 (0) 20 7710 Limited 7600 Callum Stewart / Nicholas Rhodes / Ashton Clanfield BMO Capital Markets Tel: +44 (0) 207 236 Neil Haycock / Tom 1010 Rider / Jeremy Low FTI Consulting Tel: +44 (0) 20 3727 Edward Westropp / Emerson 1000 Clarke
Notes to Editors
The Company has, through successive licence applications and acquisitions, built a substantial and diversified portfolio of exploration, appraisal, development and production assets in Norway, the UK and Ireland.
Faroe Petroleum is an experienced licence operator having operated several exploration wells successfully in Norway and the UK and is also the production operator of the Schooner and Ketch gas fields in the UK Southern Gas Basin and the Trym and Oselvar fields in the Norwegian North Sea. Faroe also has extensive experience working with major and independent oil companies both in Norway and in the UK.
The Company's substantial licence portfolio provides a considerable spread of risk and reward. Faroe has an active E&A drilling programme and has interests in a portfolio of producing oil and gas fields in the UK and Norway, including the Schooner and Ketch gas fields and the Blane oil field in the UK, and interests in the Brage, Ringhorne East, Ula, Tambar, Oselvar and Trym fields in Norway. In December 2016 the Company completed the acquisition of a package of Norwegian producing assets from DONG Energy including interests in the Ula, Tambar, Oselvar and Trym fields. Full year average production for 2017, is estimated to be between 13,000-15,000 boepd. The investment programme to increase production from the Company's existing fields continues, with the planned installation of gas lift and drilling of two infill wells on Tambar (Faroe 45%) and the recommencement of infill drilling on the Brage field (Faroe 14.3%).
In November 2013 and March 2014 Faroe announced the Snilehorn and Pil discoveries in the Norwegian Sea in close proximity to the Njord and Hyme fields. In July 2016 the Company announced the Brasse discovery, next to the Brage field, and the Njord North Flank discovery, next to the Njord field, both in Norway.
Norway operates a tax efficient system which incentivises exploration, through reimbursement of 78% of costs in the subsequent year. Faroe has built an extensive portfolio of high potential exploration licences in Norway which, together with its established UK North Sea positions provides the majority of prospects targeted by the Company's sustainable exploration drilling programme.
Faroe Petroleum is quoted on the AIM Market of London Stock Exchange. The Company is funded from cash reserves and cash flow, and has access to a $250million reserve base lending facility, with a further US$100million available on an uncommitted "accordion" basis. The Company has also raised a $100m senior unsecured bond. Faroe has a highly experienced technical team who are leaders in the areas of seismic and geological interpretation, reservoir engineering and field development, focused on creating exceptional value for its shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
January 16, 2018 09:15 ET (14:15 GMT)
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