16 February 2017

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Notification of Directors' interests

On 15 February 2017, Executive Directors of the Company acquired ordinary shares of 10 pence each in the share capital of the Company ("Ordinary Shares").  The Ordinary Shares acquired by the Executive Directors have been treated as 'Investment Shares' under the Faroe Petroleum plc Co-Investment Plan ('FPCIP'), and the Remuneration Committee, which is comprised wholly of non-executive directors, has today made an award of conditional Matching Shares.  The value of the Matching Shares is equivalent to the gross amount invested prior to the deduction of income tax at the participant's marginal rate together with any employee social security charge or other similar payroll deduction.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

(Disclosure in relation to purchase of shares and award of matching shares)

Total Holdings

Following these transactions the relevant Directors hold the following Ordinary Shares together with options over the same (including historic Matching Shares) exercisable at various prices up to 127.5 pence, as follows:

¹ shareholding includes 73,398 shares purchased on 11 January 2017.

² shareholding includes 60,546 shares purchased on 11 January 2017.

³ shareholding includes 49,563 shares purchased on 11 January 2017.

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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.