Completion of Breagh disposal
(Thomson Reuters ONE) - 27 August 2009 Faroe Petroleum plc ("Faroe", the "Company") Completion of Breagh disposalFaroe Petroleum plc, the independent oil and gas company focusingprincipally on exploration, appraisal and undeveloped fieldopportunities in the Atlantic margin, the North Sea and Norway, ispleased to announce that it yesterday completed the disposal of itsentire 10% interest in the Breagh Gas Field in the UK Southern NorthSea Gas basin to RWE Dea UK SNS Limited, for approximately $41.6m(approximately £25.5m) plus interest and working capital adjustments.Graham Stewart, Chief Executive of Faroe, commented:"We are very pleased to have completed the disposal of the Breaghfield. Having invested a total of £8.8m in Breagh over a two and ahalf year period we will record a gain on disposal of approximately£16.7m. With the Breagh proceeds and before completion of the cashgenerative Trym field swap with DONG, expected soon, Faroe will haveapproximately £38m of cash resources."Through the intelligent use of our portfolio, together with revenuesfrom production, our Norwegian Government-backed exploration financefacility and cash reserves; we have ensured our ability to sustain avery active, high potential value exploration portfolio."We will build upon our firm, fully-funded, nine well explorationdrilling programme in order to significantly enhance value for ourshareholders going forward." - Ends -EnquiriesFaroe Petroleum plcGraham StewartTel: +44 1224 650 920Panmure GordonKatherine Roe/Ashton ClanfieldTel: +44 20 7459 3600Financial DynamicsBilly Clegg/Edward WestroppTel: +44 20 7831 3113Notes to EditorsThe Company is actively building a balanced portfolio of exploration,appraisal and production properties, with significant stakes and anactive work programme. Faroe Petroleum has through successivelicence applications and acquisitions built a substantial portfolioof exploration, appraisal, development and production assets acrossthe Atlantic Margin, the UK and Norwegian North Sea and the NorwegianSea. The licence portfolio provides considerable spread of risk andreward, encompassing nearly 50 licences with eight licences West ofShetlands, six licences offshore the Faroe Islands, two licences inthe Moray Firth area of the UK Central North Sea, nine licences inthe Southern gas basin and 21 licences in the Norwegian North Sea,Norwegian Sea and Barents Sea. In addition Faroe has interests infive producing oil and gas interests in the UK and Norway. FaroePetroleum's joint venture partners include BP, Chevron,ConocoPhillips, DONG, DSM, Eni, E.ON Ruhrgas, GDF, OMV, RWE Dea,Shell and Statoil all of which have an outstanding track record inoil and gas exploration and development.Faroe is currently drilling the Glenlivet exploration well, in theWest of Shetlands area of the UK, and expects to commence a secondwell in this area, Tornado, in the coming weeks.Faroe Petroleum is quoted on the AIM Market of the London StockExchange with offices in Aberdeen, Stavanger and Torshavn. TheCompany has a highly experienced team of professionals focused oncreating exceptional value for its shareholders.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.08.2009 - 08:04 Uhr
Sprache: Deutsch
News-ID 5156
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