Faroe raises £65 million

June 16, 2014

UK-based exploration firm Faroe Petroleum raised has £65 million in a stock market placing, which had hoped to raised £45 million. 

The firm, focused on Norway, the Atlantic Margin, and the North Sea, the cash will be used to pursue additional production acquisitions and to accelerate the conversion of the company's 2C resources into 2P reserves.

Graham Stewart, Chief Executive of Faroe Petroleum, said the cash would "allow us to accelerate our exploration, appraisal and development activities. The increased fundraise will also allow us the flexibility and financial strength to target further production acquisition opportunities."

"We are continuing our exciting exploration campaign, with two wells currently being drilled at the Butch South West prospect and the Bue prospect, both in Norway, and the results of which we expect in Q3 2014."



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