Faroe Petroleum doubles bank credit facilities for Norwegian exploration

AIM-listed independent oil and gas company Faroe Petroleum has signed an increased bank credit facility to provide substantial additional finance to support the company's growth plans.

AIM-listed independent oil and gas company Faroe Petroleum has signed an increased bank credit facility to provide substantial additional finance to support the company's growth plans.

The amount committed under the company's Exploration Financing Facility will be doubled to NOK 1bn (approximately £110m) from the initial NOK 500m commitment, according to a statement issued by Faroe on Friday morning.

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