Faroe Petroleum PLC Result of AGM (6718S)

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RNS Number : 6718S

Faroe Petroleum PLC

26 June 2018

26 June 2018

Faroe Petroleum plc

("Faroe", "Faroe Petroleum" or the "Company")

Result of Annual General Meeting

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal, development and production opportunities in Norway and the UK, announces the results of its Annual General Meeting held earlier today.

In accordance with the Articles of Association of the Company, a poll was validly requested by a shareholder representing more than 10% of the total voting rights, the results of which were as follows:

 
 No.   Ordinary Resolutions                      For       Against       Withheld   Result 
       To receive and adopt 
        the annual accounts 
        of the Company for 
        the financial year 
 1      ended 31 December 2017. 
                                         300,644,057         3,185 
                                            (99.99%)      (0.001%)        282,938     For 
      --------------------------------  ------------  ------------  -------------  ------- 
       To approve the Directors' 
        Remuneration Report 
        for the financial year 
 2      ended 31 December 2017.          194,378,107   105,312,659 
                                            (64.86%)      (35.14%)      1,239,414     For 
      --------------------------------  ------------  ------------  -------------  ------- 
       That Ernst & Young 
        LLP be and they are 
        reappointed as auditors 
 3      of the Company.                  298,859,150     2,069,938 
                                            (99.31%)      (0.688%)          1,092     For 
      --------------------------------  ------------  ------------  -------------  ------- 
       To authorise the Directors 
        to fix the remuneration 
        of the auditors of 
 4      the Company.                     300,552,109       366,071 
                                            (99.88%)      (0.122%)         12,000     For 
      --------------------------------  ------------  ------------  -------------  ------- 
       To reappoint Brent 
        Cheshire as a Director 
 5      of the Company.                  300,248,102       681,208 
                                            (99.77%)       (0.23%)            870    For 
      --------------------------------  ------------  ------------  -------------  ------- 
       To reappoint John William 
        Sharp Bentley as a 
 6      Director of the Company.         169,672,798   107,304,325 
                                            (61.26%)      (38.74%)     23,953,057    For 
      --------------------------------  ------------  ------------  -------------  ------- 
       To reappoint Graham 
        Duncan Stewart as a 
 7      Director of the Company          299,185,618     1,744,562 
                                            (99.42%)       (0.58%)              0    For 
      --------------------------------  ------------  ------------  -------------  ------- 
       To reappoint Jorunn 
        Johanne Saetre as a 
 8      Director of the Company          294,751,996     6,177,314 
                                            (97.95%)       (2.05%)            870    For 
      --------------------------------  ------------  ------------  -------------  ------- 
       To reappoint Roger 
        Charles Witts as a 
 9      Director of the Company.         187,531,801     8,149,643 
                                            (98.84%)       (4.16%)    105,248,736    For 
      --------------------------------  ------------  ------------  -------------  ------- 
       That the Directors 
        be and they are authorised 
        generally and unconditionally, 
        in substitution for 
        all subsisting authorities, 
        pursuant to and in 
        accordance with section 
        551 of the Companies 
        Act 2006, to exercise 
        all the powers of the 
 10     Company 
 
 
 
                                         194,837,347   106,091,967 
                                            (64.75%)      (35.26%)            870     For 
      --------------------------------  ------------  ------------  -------------  ------- 
 
 
 No.   Special Resolutions                       For        Against   Withheld    Result 
       That, subject to the 
        passing of resolution 
        10 above, the Directors 
        be and they are hereby 
        empowered pursuant to 
        sections 570 and 573 
        of the Companies Act 
 11     2006 
                                         190,011,365    110,910,941 
                                            (63.14%)       (36.86%)      7,874    Against 
      -------------------------------  -------------  -------------  ---------  --------- 
       To authorise the Company 
        generally and unconditionally 
        to make market purchases 
        (within the meaning 
        of section 693(4) of 
        the Companies Act 2006) 
        of ordinary shares of 
 12     10p each                         193,774,084    107,078,258 
                                            (64.41%)       (35.59%)     77,901   Against 
      -------------------------------  -------------  -------------  ---------  --------- 
 

Excluding votes cast by a single large shareholder, on average 98% of votes cast were in favour of all resolutions. In accordance with requirements of the UK Corporate Governance Code, the Board will seek to engage with this shareholder to understand the reasons behind the way it voted.

- Ends -

For further information please contact:

 
  Faroe Petroleum plc                 Tel: [phone] 
   Graham Stewart, CEO 
 Stifel Nicolaus Europe Limited      Tel: [phone] 
  Callum Stewart / Nicholas Rhodes 
  / Ashton Clanfield 
 BMO Capital Markets                 Tel: [phone] 
  Neil Haycock/ Tom Rider/ Jeremy     1010 
  Low 
 FTI Consulting                      Tel: [phone] 
  Edward Westropp/ Ben Brewerton/ 
  Emerson 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 has extensive experience working closely with major and independent oil companies both in Norway and in the UK.

The Company's substantial licence portfolio provides a diverse 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 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 2018, is estimated to be between 12-15,000 boepd.

In November 2013 and March 2014 Faroe announced the Snilehorn (Bauge) and Pil (Fenja) discoveries in the Norwegian Sea in close proximity to the Njord and Hyme fields. In July 2016, the Company announced the Brasse discovery, close to the Brage field, and the Njord North Flank (Bauge) discovery, close to the Njord field, both in Norway. In February 2018, the Company announced the sale of part of its interest in the Fenja field and in April 2018 announced the significant Iris and Hades discoveries.

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 has had significant success in exploration on the Norwegian continental shelf, and the great majority of the Company's 2P reserves have been generated directly from Faroe's exploration success.

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 $250 million 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.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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June 26, 2018 13:00 ET (17:00 GMT)