Faroe Petroleum has reinforced its financial footing after a successful open offer, according to its chief executive.
The firm, which focusses on exploration in the UK and Norway, issued 5,958,896 open offer shares at a price of 70 pence per ordinary share.
An initial take-up of 814,933 shares – 13.7% – were subscribed to.
“The balance of 5,143,963 Open Offer Shares have been allocated pursuant to the Underwriting Agreement and the Underwriters have procured existing institutional shareholders to subscribe for all un-allocated shares,” according to a spokesperson.
The firm has a portfolio of 60 exploration, appraisal, development and production licences in the West of Shetland, North Sea, Norwegian Sea, Barents Sea and the Celtic Sea.
Chief Executive Graham Stewart said: “I’d like to take this opportunity to thank private and institutional shareholders for their ongoing support. The result of this Open Offer, combined with our recently announced £62 million over-subscribed Placing, significantly enhances our balance sheet and gives us the financial flexibility to take advantage of further value accretive opportunities and to continue to execute our proven growth strategy.”
In the UK North Sea, Faroe has stakes in the Blane, East Foinaven, Fynn, Ketch, Lowlander, Minke Main, Orca, Perth, Schooner, Topaz, Tornado and Wissey fields.
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