Faroe Petroleum PLC Appointment of Independent Non-Executive Director (5255U)

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RNS Number : 5255U

Faroe Petroleum PLC

25 October 2017

25 October 2017

Faroe Petroleum plc

("Faroe Petroleum", the "Company")

Appointment of Independent Non-Executive Director

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 the appointment of Brent Cheshire as an Independent Non-Executive Director.

Brent commenced his career with Shell as a geologist in its exploration and production division, eventually spending fourteen years with the group. In 1991, he joined Amerada Hess, holding a number of senior positions, latterly as Senior Vice President for E&P Worldwide Technology, where he was responsible for all global technical activities.

In 2004, he became DONG Energy's first UK employee, as managing director of its UK E&P business. Over the next 13 years, eventually becoming managing director of DONG Wind Power and Chairman of its entire UK operations; he developed the business into one of the largest acreage holders West of Shetland and the leading offshore wind developer in the UK.

During his executive career with DONG, Brent also participated in the setting up of Island Gas Ltd (now known as IGas Energy) an onshore energy producer serving as technical director and board member.

Brent's appointment to Board of the Company takes effect from 25 October 2017. With four independent non-executive directors, Faroe Petroleum is fully compliant with the UK Corporate Governance Code stipulation that half the Board comprise non-executive directors determined by the Board to be independent. The Company continues its process of progressive refreshment of the Board.

John Bentley, Non-Executive Chairman of Faroe Petroleum, commented:

"I am very pleased to welcome Brent Cheshire to our Board. Brent is a seasoned E&P operator, which, when combined with his extensive corporate leadership positions, adds significant strength to the Faroe Board at this time in the Company's evolution. His knowledge of the sector and experience in developing large scale infrastructure projects is second to none and we look forward to working with him."

- Ends -

For further information please contact:

 
  Faroe Petroleum plc          Tel: [phone] 
   Graham Stewart, CEO          920 
 Stifel Nicolaus Europe       Tel: [phone] 
  Limited                      7600 
  Callum Stewart / Nicholas 
  Rhodes / Ashton Clanfield 
 BMO Capital Markets          Tel: [phone] 
  Neil Haycock / Tom           1010 
  Rider / Jeremy Low 
 FTI Consulting               Tel: [phone] 
  Edward Westropp / Emerson    1000 
  Clarke 
 

Notes

Brent Cheshire (62) has held the following directorships during the last five years:

 
 Current Directorships           Past Directorships 
 Danish-UK Chamber of Commerce   DONG VE A/S 
 Cheshire Energy Advisory        DONG Vind A/S 
  Ltd 
                                 Dong Energy Wind Power 
                                  TW Holding A/S 
                                 Dong Energy Wind Power 
                                  Taiwan Ltd. 
                                 DONG Energy InvestCo Limited 
                                 DONG E&P Services (UK) 
                                  Limited 
                                  DONG Energy Power (UK) 
                                  Limited 
                                  DONG Energy S&D UK Limited 
                                  Njord Limited 
                                  Heron Wind Limited 
                                  Vi Aura Limited 
                                  Vi Aura Transmission Limited 
                                  DONG Energy (UK) Limited 
                                  Oftrac Limited 
                                  Race Bank Wind Farm Limited 
                                  Walney Extension Limited 
                                  (formerly 'DONG Energy 
                                  Walney Extension Limited') 
                                  DONG E&P (UK) Limited 
                                  Race Bank Wind Farm (Holding) 
                                  Limited 
                                  DONG Energy Race Bank Wind 
                                  Farm (Holding) Limited 
                                  Burbo Extension Ltd 
                                  Shetland Land Lease Limited 
 

Mr Cheshire does not hold any ordinary shares in the Company.

Save for the above, there is no further information required to be disclosed under paragraph (g) of Schedule Two of the AIM Rules for Companies, with respect to the appointment of Brent Cheshire.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 25, 2017 02:00 ET (06:00 GMT)