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Faroe Petroleum to raise £45m

FAROE Petroleum has announced plans to raise £45 million through a share placing.

The company said it wants to use the cash to invest in production at its existing fields while also continuing its Norwegian drilling programme for at least another two years.

Graham Stewart, chief executive, said: "This placing will allow us to increase exploration exposure, safeguard and grow core value and maintain our strong financial position."

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