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Proposed Placing

Faroe Petroleum plc (“Company”), the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the Atlantic Margin and the North Sea, is pleased to announce the proposed placing of new ordinary shares of 10 pence each in the Company in order to raise base proceeds of approximately £45 million (gross), with the option for enlargement.

The full announcement is contained in the pdf file to the right of the screen.