Faroe Petroleom – another victory for ShareSoc
The Group's Chairman John Bentley today announced at the AGM that, as a result of further dialogue with its larger shareholders, the Company intends to make a number of changes to the proposed Faroe Petroleum Exceptional Performance Incentive Plan ("EPIP") and consequently Resolution 7 has been withdrawn.The climb down is yet another feather in the cap of ShareSoc, the UK Individual Shareholders Society. We strongly recommend individual shareholders visit the ShareSoc site at http://www.sharesoc.org and join up
Filed Under: Oil & Gas Producers,
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Faroe Petroleum plc is engaged in the exploration, appraisal, development and production of oil and gas reserves. The principal geographic areas of activity during the year ended December 31, 2011, was the North Atlantic margin, the North Sea and the Norwegian Sea. As of December 31, 2011, the Company had a production portfolio of four principal oil and gas fields and six secondary fields. As of December 31, 2011, the Company had a portfolio of over 40 licenses, spanning the Atlantic margin, Norwegian Sea, Barents Sea and the North Sea. The Company is the operator of P1839 (Faroe 50%), which contains the Aileen prospect. The Milagro prospect in PL590 (Faroe 30%) is located in the Grinda Graben to the north of Maria discovery. In May 2011, it acquired an18% interest in the Blane oil field in the United Kingdom. In March 2012, Faroe announced that oil had been discovered on the T-Rex and Bolan exploration prospects in PL431 in the Norwegian Sea (Faroe 30%). more »
