Issue of Equity and Total Voting Rights

16 May 2018

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Issue of Equity and Total Voting Rights

Faroe Petroleum has applied to the London Stock Exchange for 278,023 new ordinary shares of 10p each in the share capital of the Company (the "New Ordinary Shares") to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on 17 May 2018.

The issue of the New Ordinary Shares follows the exercise of nil cost options by three employees of the Company on 9th May 2018 under the Faroe Petroleum Incentive Plan and the Faroe Co-Incentive Plan. 

The New Ordinary Shares will rank pari passu in all respects with the existing issued ordinary shares of 10p each in the share capital of the Company ('Ordinary Shares'). Following Admission, the Company's issued share capital will be 366,984,361 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury and therefore the total number of voting rights in the Company will be 366,984,361.

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.

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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.