Response to DNO Announcements

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION  

THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 

FOR IMMEDIATE RELEASE 

4 April 2018 

  

Faroe Petroleum plc 

  

Faroe Petroleum ("Faroe," "Company") notes the purchase of 56,355,825 shares in the Company representing 15.37% of the Company's share capital by DNO ASA ("DNO") from Delek Group Ltd ("Delek") at a price of GBP 1.25 per share and DNO's subsequent statement that it has no intention of making an offer for the Company. Faroe also notes the announcement by DNO of an intention to acquire up to 10% of the outstanding shares in the Company through a reverse book building process. 

The Faroe Board has not had any discussions with DNO in relation to its purchase of the shares in the Company and its intention to acquire an additional shareholding in the Company. 

The Faroe Board further notes that it has had no discussions with Delek in relation to the sale of its shares in the Company. 

The Faroe Board considers that the GBP 1.25 per share price at which DNO purchased the Faroe shares from Delek substantially undervalues the Company and its prospects. 

  

Links to the DNO announcements: 

http://www.dno.no/en/investor-relations/announcements/2018/dno-announces-acquisition-of-minority-shareholding-in-faroe-petroleum/ 

http://www.dno.no/en/investor-relations/announcements/2018/rule-2.8-statement-no-intention-to-bid-statement/  

http://www.dno.no/en/investor-relations/announcements/2018/dno-tenders-for-shares-in-faroe-petroleum-/ 

  

  

For further information please contact: 

Faroe Petroleum plc 

Graham Stewart, CEO 

Tel: +44 1224 650 920 

  

N M Rothschild & Sons Limited  

David Hemmings 

Tel: +44 20 7280 5616 

  

Stifel Nicolaus Europe Limited 

Callum Stewart / Nicholas Rhodes / Ashton Clanfield 

Tel: +44 20 7710 7600 

  

BMO Capital Markets 

Neil Haycock / Tom Rider / Jeremy Low 

Tel: +44 20 7236 1010 

  

FTI Consulting 

Edward Westropp / Emerson Clarke 

Tel: +44 20 3727 1000 

  

N M Rothschild & Sons Limited ("Rothschild"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Faroe and no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Faroe for providing the protections offered to its clients or for providing advice in connection with the subject matter of this announcement or any other matters referred to in this announcement.  

Publication on a website 

A copy of this announcement will be available at http://www.fp.fo/   

The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement. 

This information is provided by RNS

The company news service from the London Stock Exchange

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