Williams de Broe, Nominated Adviser and Joint Broker to the Company, and Panmure Gordon, now appointed as Joint Broker to the Company, have together conditionally placed 18,382,353 new Ordinary Shares with existing shareholders and other financial institutions. The Placing Price represents a discount of approximately 4.9 per cent. to the closing middle market price of 143 pence per share on 12 April 2006, the last business day prior to this announcement.
Graham Stewart, Chief Executive of Faroe Petroleum said, "We are delighted with the outcome of this placing and the significant levels of interest shown by the investment community, demonstrating the market's confidence in the Company and its strategy. Following the EGM, Faroe Petroleum will be well positioned to undertake the next stage in its business strategy, which includes the drilling program, the continued maturing of the Company's license portfolio, and expansion into Norway, where the Company has recently become pre-qualified."
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