Oil firm Faroe Petroleum has announced the departure of five directors, including chief executive Graham Stewart.
Faroe Petroleum’s board has conceded defeat in its fight against a takeover bid by Norwegian oil explorer DNO.
Bosses at Faroe Petroleum have ordered an independent valuation of the oil firm’s assets as they seek to fend off a hostile takeover attempt.
Faroe Petroleum’s chief executive has hit out at DNO’s hostile takeover bid, saying the Norwegian firm is “not offering the right price”.
Bosses at Faroe Petroleum urged investors to snub a hostile takeover offer from Norwegian oil firm DNO and hold onto their shares. Aberdeen-headquartered Faroe said the unsolicited, £444m bid was “opportunistic and substantially undervalued” Faroe. The London-listed firm encouraged shareholders to take no action. >> Read more on Energy Voice here <<
Faroe Petroleum’s chairman said today that the Aberdeen-based oil explorer was in a “very strong position” ahead of its annual general meeting today.
Several oil explorers, including Aberdeen’s Faroe Petroleum, have said they are targeting “multiple new discoveries” following the latest North Sea licensing round.
Faroe Petroleum said today that it had completed the sale of its 17.5% working interest in the Fenja field in the Norwegian Sea.
Faroe Petroleum’s CEO Graham Stewart saw his total pay package swell to over £1million last year.