Holding(s) in Company

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

FAROE PETROLEUM PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

X

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

X

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

GLG Partners LP

4. Full name of shareholder(s)  (if different from 3.):iv

N/A

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

05/03/12

6. Date on which issuer notified:

06/03/12

7. Threshold(s) that is/are crossed orreached: vi, vii

>5%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary shares

1,313,158

1,313,158

1,323,135

1,323,135

0.62%

GB0033032904

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

CFD

N/A

N/A

N/A

9,311,081

Nominal

Delta

4.38%

4.38%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

10,634,216

5.01%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

GLG Partners is an investment management firm investing money on behalf of clients and investment funds.

Proxy Voting:

10. Name of the proxy holder:

Not applicable

11. Number of voting rights proxy holder will ceaseto hold:

Not applicable

12. Date on which proxy holder will cease to holdvoting rights:

Not applicable

13. Additional information:

Not applicable

14. Contact name:

Dan Johnson

15. Contact telephone number:

020 7016 7426

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Not applicable

Contact address

(registered office for legal entities)

Dan Johnson

Phone number & email

020 7016 7426

Other useful information

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Dan Johnson

Contact address

1 Curzon Street, London W1J 5HB

Phone number & email

020 7016 7426

[email protected]

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

For notes on how to complete form TR-1 please see the FSA website.