Director/PDMR Shareholding

22 December 2014

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Issue of Equity, Director Shareholding and Total Voting Rights

On 19 December 2014, certain of the Executive Directors and other employees exercised nil-cost options ("Options") over a total of 507,594 ordinary shares of 10p each in the Company ("Ordinary Shares") under the Faroe Petroleum Incentive Plan ("FPIP").

Director Shareholding

To meet the associated income tax liability arising from the exercise of the Options, certain Directors have also sold a proportion of those Ordinary Shares at a price of 67.8547 pence per Ordinary Share, and have retained the balance to increase their shareholding in the Company as detailed below. Following these transactions Graham Stewartand Helge Hammer hold Ordinary Shares, together with options over the same (including Matching Shares) exercisable at various prices up to 186.25 pence, as follows:

Graham Stewart also holds an option to acquire 84,547 Ordinary Shares under a Long Term Incentive Plan exercisable at the nominal price of 10 pence per Ordinary Share.

Issue of Equity and Total Voting Rights

Faroe Petroleum has applied to the London Stock Exchange for 507,594 new Ordinary Shares (the "New Ordinary Shares") to be admitted to trading on AIM ("Admission").

It is expected that Admission will become effective on 30 December 2014. The New Ordinary Shares will, following allotment, rank pari passu in all respects with the existing issued Ordinary Shares.

Following Admission, the Company's issued share capital will be 267,514,586 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of voting rights in the Company will be 267,514,586.

Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

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