18 April 2017

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Issue of Equity, Notification of Directors' interests and Total Voting Rights

On 13 April 2017, certain of the Executive Directors and other employees of the Company exercised nil-cost options ("Options") over a total of 2,001,262 ordinary shares of 10 pence each in the share capital of the Company ("Ordinary Shares") under the Faroe Petroleum Incentive Plan ("FPIP"). 

Director Shareholdings

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 100 pence per Ordinary Share, and have retained the balance to increase their shareholding in the Company as detailed below. Following these transactions Graham Stewart and Helge Hammer hold Ordinary Shares, together with options over the same (including Matching Shares) exercisable at various prices up to 127.50 pence as also detailed below.

Issue of Equity and Total Voting Rights

Faroe Petroleum has applied to the London Stock Exchange for 2,001,262 new Ordinary Shares (the "New Ordinary Shares") to be admitted to trading on AIM ("Admission").

It is expected that Admission will become effective on 20 April 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 366,527,872 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of voting rights in the Company will be 366,527,872.

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.

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

(Disclosure in relation to exercise of share options and sale of shares)

Total Holdings

Following these transactions the 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 642 shares awarded following the vesting of SIP matching shares, together an equal and opposite movement in the options total, since the last announcement on 4 April 2017.

² shareholding includes 586 shares awarded following the vesting of SIP matching shares, together an equal and opposite movement in the options total, since the last announcement on 4 April 2017.

³ shareholding includes 968 shares awarded following the vesting of SIP matching shares, together an equal and opposite movement in the options total, since the last announcement on 4 April 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.