Faroe Petroleum announced its audited Preliminary Results for the year ended December 31, 2009.
Graham Stewart, Chief Executive, commented, "2009 was an outstanding year for Faroe Petroleum. Most importantly we achieved significant drilling success with two West of Shetlands wells, Glenlivet and Tornado. The Company's stake in the highly successful Breagh gas field was sold for a substantial profit, demonstrating our ability to monetize drilling success. To this was added the swap of our undeveloped Trym gas field in Norway for production in two oil fields. Our finances have remained healthy and well managed to ensure we have the resources to finance our exciting ongoing drilling program, with 8 wells so far firmed up for near term drilling.
"I am delighted that our shareholders have shown confidence in the business with our £65.1m (net after costs) Rights Issue, which we announced today. This will enable an increase in our drilling program to encompass an additional eight expected wells, replenishment of our exploration portfolio, and increased production.
"Faroe Petroleum has developed a strong business model, with clear geographic and geological focus which has created a balanced exploration portfolio in the Atlantic margin and Norway, regarded by many to be among the most significant exploration plays in the world. The period ahead is a particularly exciting one as we drill many high potential value exploration wells. With a sustainable model and high quality assets, our team are confident of delivering substantial value to our shareholders."
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