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11/01-2019 17:36:08: (FAPE01) Directorate Change

11 January 2019

Faroe Petroleum plc

("Faroe", "Faroe Petroleum", the "Company")

Directorate Change - Resignation of Executive Directors

Following the announcement made by DNO ASA ("DNO") on 11 January 2019 that it
now owns or controls shares representing approximately 63.32 per cent of the
Company's total issued share capital, Graham Stewart (Chief Executive), Jonathan
Cooper (Chief Financial Officer) and Helge Hammer (Chief Operating Officer)
together the 'Executive Directors' have, pursuant to the change of control
provisions in each of their contracts of employment, given three months' notice
of termination of  their employment with the Company.

The Executive Directors have also stated their intention to resign from all
directorships and other offices which they hold with Faroe Petroleum and all of
its subsidiaries as soon as is practicable, with the intention of remaining as
directors until such time as new replacement executive directors are appointed,
to ensure an orderly transition, but in any event at the latest by the end of
their three month notice periods

For further information please contact:

Faroe Petroleum plc                                    Tel: +44 (0) 1224 650 920
Graham Stewart, CEO
Stifel Nicolaus Europe Limited                         Tel: +44 (0) 20 7710 7600
Callum Stewart / Nicholas Rhodes / Ashton Clanfield
BMO Capital Markets                                    Tel: +44 (0) 207 236 1010
Tom Rider / Jeremy Low / Tom Hughes
FTI Consulting                                         Tel: +44 (0) 20 3727 1000
Ben Brewerton / Sara Powell / Toby Chidavaenzi

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.

In accordance with Rule 26 of the Takeover Code, a copy of this announcement
will be available, subject to certain restrictions relating to persons resident
in Restricted Jurisdictions, on Faroe' website at https://www.fp.fo/ by no later
than 12 noon on the Business Day following the date of this announcement. For
the avoidance of doubt, the content of the website is not incorporated into and
does not form part of this announcement.

Notes to Editors

The Company has, through successive licence applications and acquisitions, built
a substantial and diversified portfolio of exploration, appraisal, development
and production assets in Norway, the UK and Ireland.  Faroe has extensive
experience working closely with major and independent oil companies and is an
experienced operator of both exploration and production licences.

The Company's substantial licence portfolio provides a diverse spread of risk
and reward.  Faroe has an active E&A drilling programme and has interests in a
portfolio of producing oil and gas fields in Norway and the UK, including
interests in the Brage, Ringhorne East, Ula, Tambar and Trym fields in Norway
and the Blane oil field in the UK. In 2016 the Company completed the acquisition
of a package of Norwegian producing assets from DONG Energy including interests
in the Ula, Tambar, Oselvar and Trym fields and in December 2018 announced a
transaction with Equinor to swap the Company's interests in Njord, Hyme and
Bauge for interests in four producing fields, Alve, Marulk, Ringhorne East and
Vilje .

In November 2013 and March 2014 Faroe announced the Snilehorn (Bauge) and Pil
(Fenja) discoveries in the Norwegian Sea in close proximity to the Njord and
Hyme fields. In July 2016, the Company announced the Brasse discovery, close to
the Brage field, and the Njord North Flank (Bauge) discovery, close to the Njord
field, both in Norway.  In February 2018, the Company announced the sale of part
of its interest in the Fenja field and in April 2018 announced the significant
Iris and Hades discoveries.

Norway operates a tax efficient system, which incentivises exploration, through
reimbursement of 78% of costs in the subsequent year. Faroe has built an
extensive portfolio of high potential exploration licences in Norway, which,
together with its established UK North Sea positions provides the majority of
prospects targeted by the Company's sustainable exploration drilling programme.
Faroe has had significant success in exploration on the Norwegian continental
shelf, and the great majority of the Company's 2P reserves have been generated
directly from Faroe's exploration success.

Faroe Petroleum is quoted on the AIM Market of London Stock Exchange. The
Company is funded from cash reserves and cash flow, with a net cash position of
£83 million (unaudited) at 30 June 2018, up from £75 million at 31 December 2017
and in addition has access to a $350 million reserve base lending facility. The
Company has also raised a $100 million senior unsecured bond which is listed on
the Oslo Børs. Faroe has a highly experienced technical team who are leaders in
the areas of seismic and geological interpretation, reservoir engineering and
field development, focused on creating exceptional value for its shareholders.

This information is provided by RNS, the news service of the London Stock
Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary
Information Provider in the United Kingdom. Terms and conditions relating to the
use and distribution of this information may apply. For further information,
please contact rns@lseg.com or visit 

Ekstern link: https://newsweb.oslobors.no/message/467406

Nyheten er levert av OBI.