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New exploration licences awarded in Norway

New exploration licences awarded in Norway

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, is pleased to announce that it has been awarded eight new prospective exploration licences, including three operatorships, under the 2012 Norwegian APA Licence Round on the Norwegian Continental Shelf.

Northern North Sea
The Company has been awarded two licences in the northern North Sea. These licences offer exciting exploration opportunities in a very active exploration area with established production infrastructure.

North Sea
The Company has been awarded five licences in the North Sea, where the Company already holds a number of licences, including the 2011 Butch discovery:

Norwegian Sea, Halten Terrace Area
The Company has been awarded a new licence in the prolific Halten Terrace hydrocarbon province of the Norwegian Sea, in the area where the Company made the Fogelberg discovery in 2010:

Graham Stewart, Chief Executive of Faroe Petroleum plc, commented:

“Faroe Petroleum is delighted to have been awarded eight prospective exploration licences in the 2012 Norwegian APA licensing round announced yesterday, three of which will be operated by Faroe, which significantly enhances our strategic position in the country. These licences contain a wide range of play types and risk profiles, which increase our Norwegian acreage position to 32 licences across the key exploration areas, giving us the largest licence position of any UK independent operating in Norway.”

“Operations on the west of Shetlands North Uist exploration wells continue and we will provide further updates on progress over the coming period. We look forward to kicking off our active 2013 exploration drilling programme which includes several high impact exploration wells including Darwin (Barents Sea), Novus (Norwegian Sea) and two Butch wells (Norwegian North Sea). ”

For further information please contact:

Faroe Petroleum plc
Graham Stewart, CEO
Tel: +44 1224 650 920

Panmure Gordon (UK) Limited
Katherine Roe/Callum Stewart
Tel: +44 20 7886 2500

Oriel Securities Limited
Michael Shaw/Ashton Clanfield
Tel: +44 20 7710 7600

FTI Consulting
Billy Clegg/Edward Westropp
Tel: +44 20 7831 3113

Jan‐Tore Paulsen, Exploration Manager Norway of Faroe Petroleum and a Geophysicist (MSc. in Geophysics from University of Bergen), who has been involved in the energy industry for 15 years, has read and approved the technical disclosure in this regulatory announcement.

Notes to Editors
The Company has, through successive licence applications and acquisitions, built a substantial portfolio of exploration, appraisal, and development and production assets across the Atlantic Margin, the UK and Norwegian North Sea, Norwegian Sea, Barents Sea and offshore Iceland. Faroe Petroleum has extensive experience working with major and independent oil companies and its joint venture partners include BP, Centrica, DONG, E.ON Ruhrgas, GDF, OMV, Repsol, RWE Dea, Statoil and Wintershall.

The Company’s licence portfolio provides considerable spread of risk and reward, encompassing over 50 licences. Faroe Petroleum currently has interests in five principal producing oil and gas fields in the UK and Norway, including interests in the Blane oil field and Schooner gas field in the UK, and interests in the producing Njord, Brage and Ringhorne East fields in Norway.

Faroe Petroleum is quoted on the AIM Market of London Stock Exchange plc with offices in Aberdeen, Stavanger, London and Torshavn. The Company is well financed with a fully funded drilling programme in 2013 and has highly experienced technical teams who are leaders in the areas of seismic and geological interpretation, reservoir engineering and field development, focused on creating exceptional value for its shareholders.