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Faroe Petroleum eyeing US$100mln debt financing

"Any debt raised will support the company's stated goal of increasing materially its profitable production”
offshore oil platform
It will be supported by Faroe's 13,000 to 15,000 boepd production base

Faroe Petroleum PLC (LON:FPM) has revealed that it is making preparations for a possible US$100mln debt funding.

Spurred on by a successful period of exploration and appraisal work, the growing offshore oil group is holding meetings with a number of fixed income investors - specifically it has mandated Danske Bank, DNB Markets and SEB to help facilitate the process – and it could lead to an issue of unsecured bonds.

The debt raise would be underpinned by Faroe’s production base which now amounts to some 13,000 to 15,000 barrels of oil equivalent per day.

“Whilst there can be no certainty that a debt transaction will follow the Company's investor meetings, any debt raised will support the company's stated goal of increasing materially its profitable production,” the company said in a statement.

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