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Update on Njord facility

Faroe Petroleum, the independent oil and gas company focussing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, announces, further to the announcements released on 9 September 2013 and earlier today, the conclusions of a meeting of the Management Committee of the Njord field held this morning. At the meeting, Statoil as operator informed the Group that the start‐up of the Njord and Hyme fields has been delayed until the second quarter of 2014 to allow additional time to plan and undertake remedial works following the structural review. Further information will be provided following the next Management Committee meeting, which is currently expected next week.

For further information please contact:

Faroe Petroleum plc
Graham Stewart/Jonathan Cooper
Tel: +44 1224 650 920

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

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

FTI Consulting
Edward Westropp/ Georgia Mann
Tel: +44 20 7831 3113