Director/PDMR Shareholding

20 January 2015

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Director/PDMR Shareholding - Correction

This announcement replaces RNS Number: 4562B issued on 6 January 2015 and corrects the calculations in the final table. The correct amended text is set out in full below:

Graham Stewart (Chief Executive), Jonathan Cooper (Chief Financial Officer) and Helge Hammer (Chief Operating Officer), have notified the Company that on 5 January 2015 they acquired the following ordinary shares of 10p each in the Company ('Partnership Shares') and have been awarded the following conditional shares ('Matching Shares') under the Faroe Petroleum Share Investment Plan (the "SIP") at a price of 61.25pence each:

The SIP is open to all employees on the same terms where, for every share purchased by an employee the Company will match it with two matching shares. The matching shares are released at the end of a three year holding period (subject to the SIP rules) and the maximum amount that may be invested in Partnership Shares in any tax year is £1,500 per employee. Graham Stewart, Jonathan Cooper and Helge Hammer have committed to invest the maximum of £1,500/year (noting that Mr Hammer, being resident in Norway, has committed to the SIP in Norwegian Krona and as such the Sterling investment varies slightly from quarter to quarter).

At present market purchase shares are being used to satisfy the matching shares.

Following this transaction the directors hold the following ordinary shares of 10 pence each in the Company, 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 share.

- Ends -

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