Faroe Petroleum is pleased to provide the following operational update.

Highlights

Farm-out of Novus and Solberg Wells •Planned 2013 Norwegian wells; Novus and Solberg farmed out on promoted terms •Post-farm out equity: Novus (Faroe 30% and operator), Solberg (Faroe 20%) •Maintaining material equity and realising significant cost savings

High Impact Exploration Drilling Programme to Commence Shortly •Snilehorn (Faroe 7.5%) on track to spud in September 2013 exploration satellite to producing Njord field •Butch East and Butch South West (Faroe 15%); Butch East on track to spud in October 2013 •Novus (Faroe 30% and operator) on track to spud in November 2013, 10 km south of producing Heidrun field •Pil (Faroe 25%) expected to spud in December 2013, to test prospect south of the producing Njord and Draugen fields •Solberg (Faroe 20%) expected to spud in January 2014, to appraise the Cretaceous Solberg discovery

2013 3D Seismic Acquisitions Completed

•Successful completion of two extensive Faroe-operated 3D seismic acquisition programmes in Norway

Production and Development

•Total average economic production for the year to 30 June 2013 was approximately 7,890* barrels of oil equivalent per day (“boepd”) •Average 2013 production is anticipated to be at the lower end of the range of 7,000 – 9,000 boepd

• includes East Foinaven the acquisition of which completed on 8 August 2013

Tags: Faroe Petroleum