Faroe Petroleum is pleased to provide an operational update following completion of its 2015 drilling campaign as follows:

Highlights •Production is continuing to perform above expectations and therefore 2015 full year guidance has increased to 9,500-10,500 boepd •Blink exploration well 6406/12-5S (Faroe 25%) discovered prognosed reservoir but water wet •The Pil, Bue and Boomerang discoveries constitute a large oil and gas accumulation and work will now proceed with field development planning •Faroe’s planned E&A drilling programme continues with an exciting programme for 2016 consisting of one frontier exploration well in the Barents Sea and two near field exploration wells, one in the Norwegian North Sea and the other in the Norwegian Sea. The 2016 total exploration programme cost is expected to be significantly lower than the 2015 programme •The Njord Future Project is progressing to plan with tow-in expected in Q2 2016 •The Butch oil field development project has passed concept selection and will be advanced as a cost effective subsea tie-back to the Ula field •Faroe has acquired a 75% interest and the operatorship of the South East Tor oil discovery in Norway from Lundin Petroleum

Tags: Faroe Petroleum