Issue of Equity and Total Voting Rights

7 November 2017

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Issue of Equity and Total Voting Rights

On 6 November 2017, an employee of the Company exercised nil-cost options over a total of 33,492 ordinary shares of 10p each in the share capital of the Company ("Ordinary Shares") under the Faroe Petroleum Incentive Plan ("FPIP").

Faroe Petroleum has applied to the London Stock Exchange for 33,492 new Ordinary Shares (the "New Ordinary Shares") to be admitted to trading on AIM ("Admission").

It is expected that Admission will become effective on 10 November 2017. 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 366,642,990 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of voting rights in the Company will be 366,642,990.

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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The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.