28 September 2017

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Quarterly notification of Directors' Interests and conditional award of shares

Graham Stewart (Chief Executive), Jonathan Cooper (Chief Financial Officer) and Helge Hammer (Chief Operating Officer), have notified the Company that on 27 September 2017 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 £0.98 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 nil cost.

* shareholding includes 684 shares awarded following the vesting of SIP matching shares between 26.06.17 and 27.09.17 with an equal and opposite movement in the options total.  An increase of 127,392 options reflects an adjustment to the amount of FPIP nil cost options previously announced as lapsed on 24 July 2017.

** shareholding includes 684 shares awarded following the vesting of SIP matching shares between 26.06.17 and 27.09.17 with an equal and opposite movement in the options total.  An increase of 68,827 options reflects an adjustment to the amount of FPIP nil cost options previously announced as lapsed on 24 July 2017.

*** shareholding includes 656 shares awarded following the vesting of SIP matching shares between 26.06.17 and 27.09.17 with an equal and opposite movement in the options total. An increase of 70,627 options reflects an adjustment to the amount of FPIP nil cost options previously announced as lapsed on 24 July 2017.

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For further information please contact:

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.