Faroe raises pounds 15m before AIM listing

THE INDEPENDENT oil company Faroe Petroleum, whose investors include the venture capitalist 3i Group and the oil exploration company Dana Petroleum, raised pounds 15m through a placing before itslisting on the AIM market. The company is listing 14.5 million shares, or 34 per cent of its equity, at 103.5p a share, valuing the entire share capital at pounds 44m. Dealings are expected to starton 27 June. The placing proceeds are to be used to fund exploration, to acquire West of Shetlands undeveloped gas field interests from ENI, and fund working capital. The placing cost pounds 1.1m.