Faroe Petroleum reports the signing of an increased bank credit facility, to provide substantial additional finance to underpin the Company's growth plans.
The committed amount under the Company's Reserve Base Lending Facility has been doubled to US$250 million (approx. £160 million) from the initial US$125 million commitment. This facility is available to finance approved capital expenditure, operating costs and acquisitions. The maturity date of the facility has been extended by one year to 30 June 2017, with an amortising repayment profile from June 2014.