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11/01-2019 17:15:39: (FAPE01) Director/PDMR Shareholding

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

11 January 2019

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Exercise of share options, Issue of Equity, Notification of Directors' interests
and Total Voting Rights

The Board of Faroe (the "Board", "we") notes the announcement by DNO ASA ("DNO")
made 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.

This has triggered the change in control provisions under the Faroe Petroleum
Incentive Plan ("FPIP"), the Faroe Petroleum Co- Investment Plan ("FPCIP") and
the Co-Investment Plan ("CIP) and, following confirmation from the Company's
remuneration advisers that the various awards have met the associated
performance tests, a total of 25,809,863 nil cost options over ordinary shares
of 10 pence each in the share capital of the Company (the "New Ordinary Shares")
have now vested and have been exercised by plan participants including the
Executive Directors. The resultant New Ordinary Shares have been issued to the
Faroe Petroleum Employee Benefit Trust (the "EBT") who will assent those shares
into the Offer as directed by the underlying plan participants.

The Executive Directors have exercised the following nil cost options and have
directed the EBT to assent the resultant New Ordinary Shares into the Offer.
The Executive Directors have also assented their other existing shareholdings
into the Offer.

In addition, as particularised below, the company's Non-Executive Directors have
also assented their shareholdings into the Offer:

Name               ExistingOrdinary  Options   Options    Ordinary
                   Shares            and       Vested     SharesAssented into
                                     Matching  and        the Offer
                                     Shares    Exercised
                                     forfeit
                   No.               No.       No.        No.
Graham Stewart     2,491,043         (28,700)  5,345,378  7,836,421
Jonathan Cooper    657,792           (22,415)  3,005,980  3,663,772
Helge Hammer       1,322,010         (22,347)  3,274,289  4,596,299
John Bentley       172,270           -         -          172,270
Katherine Roe      -                 -         -          -
Roger Witts        109,180           -         -          109,180
Jorunn Saetre      28,571            -         -          28,571
Brent Cheshire     15,000            -         -          15,000



Issue of Equity and Total Voting Rights

The EBT currently holds 2,757,088 ordinary shares and so Faroe Petroleum has
issued a further total of 23,052,775 New Ordinary Shares to satisfy the exercise
of share options. The New Ordinary Shares will rank pari passu in all respects
with the existing issued ordinary shares. Application has been made for the New
Ordinary Shares to be admitted to AIM.

Following the issue of 23,052,775 New Ordinary Shares the Company's enlarged
issued share capital will be 395,942,468 ordinary shares. The Company does not
hold any ordinary shares in treasury and therefore the total number of voting
rights in the Company is 395,942,468.

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.

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

(Disclosure in relation to exercise of share options and sale of shares)

 1      Details of the person discharging
        managerial responsibilities / person
        closely associated
a)      Name                                      Graham Duncan
                                                  Stewart
2       Reason for the notification
a)      Position/status                           Chief Executive
b)      Initial notification /Amendment           Initial notification
3       Details of the issuer, emission
        allowance market participant, auction
        platform, auctioneer or auction monitor
a)      Name                                      Faroe Petroleum plc
b)      LEI                                       213800RE18GVZGNYB270
4       Details of the transaction(s): section
        to be repeated for (i) each type of
        instrument; (ii) each type of
        transaction; (iii) each date; and (iv)
        each place where transactions have been
        conducted
a)      Description of the financial instrument,  5,345,378 Ordinary
        type of instrument Identification code    Shares of 10p each
                                                  in Faroe Petroleum
                                                  plc.Sale of
                                                  5,345,378 Ordinary
                                                  shares of 10p each
                                                  in Faroe Petroleum
                                                  plc (by way of
                                                  acceptance into the
                                                  Offer).ISIN:
                                                  GB0033032904
b)      Nature of the transaction                 (i)    Exercise of
                                                  Options to acquire
                                                  new Ordinary shares
                                                  of 10p each(ii)
                                                  Sale of new ordinary
                                                  shares of 10p each
                                                  (by way of
                                                  acceptance into the
                                                  Offer)
c)      Price(s) and volume(s)                    Price(s)  Volume(s)
(i)     5,345,378
0.00 p
(ii)      5,345,378
160 p
d)      Aggregated information                    10,690,756 Ordinary
                                                  Shares of 10p each
                                                  in Faroe Petroleum
                                                  plc.
e)      Date of the transaction                   11 January 2019
f)      Place of the transaction                  XLON

 1      Details of the person discharging
        managerial responsibilities / person
        closely associated
a)      Name                                      Helge Ansgar Hammer
2       Reason for the notification
a)      Position/status                           Chief Operating
                                                  Officer
b)      Initial notification /Amendment           Initial notification
3       Details of the issuer, emission
        allowance market participant, auction
        platform, auctioneer or auction monitor
a)      Name                                      Faroe Petroleum plc
b)      LEI                                       213800RE18GVZGNYB270
4       Details of the transaction(s): section
        to be repeated for (i) each type of
        instrument; (ii) each type of
        transaction; (iii) each date; and (iv)
        each place where transactions have been
        conducted
a)      Description of the financial instrument,  3,274,289 Ordinary
        type of instrument Identification code    Shares of 10p each
                                                  in Faroe Petroleum
                                                  plc.Sale of
                                                  3,274,289 Ordinary
                                                  shares of 10p each
                                                  (by way of
                                                  acceptance into the
                                                  Offer)ISIN:
                                                  GB0033032904
b)      Nature of the transaction                 (i)Exercise of
                                                  Options to acquire
                                                  new Ordinary shares
                                                  of 10p each(ii) Sale
                                                  of new ordinary
                                                  shares of 10p
                                                  each(by way of
                                                  acceptance into the
                                                  Offer)
c)      Price(s) and volume(s)                    Price(s)  Volume(s)
(i)     3,274,289
0.00 p
(ii)    3,274,289
160 p
d)      Aggregated information                    6,548,578 Ordinary
                                                  Shares of 10p each
                                                  in Faroe Petroleum
                                                  plc.
e)      Date of the transaction                   11 January 2019
f)      Place of the transaction                  XLON

 1           Details of the person discharging
             managerial responsibilities / person
             closely associated
a)           Name                                      Jonathan Robert
                                                       Cooper
2            Reason for the notification
a)           Position/status                           Chief Financial
                                                       Officer
b)           Initial notification /Amendment           Initial notification
3            Details of the issuer, emission
             allowance market participant, auction
             platform, auctioneer or auction monitor
a)           Name                                      Faroe Petroleum plc
b)           LEI                                       213800RE18GVZGNYB270
4            Details of the transaction(s): section
             to be repeated for (i) each type of
             instrument; (ii) each type of
             transaction; (iii) each date; and (iv)
             each place where transactions have been
             conducted
a)           Description of the financial instrument,  3,005,980 Nil cost
             type of instrument Identification code    options over
                                                       Ordinary Shares of
                                                       10p each in Faroe
                                                       Petroleum plc.3Sale
                                                       of 3,005,980
                                                       Ordinary Shares of
                                                       10p each in Faroe
                                                       Petroleum plc (by
                                                       way of acceptance
                                                       into the
                                                       Offer).ISIN:
                                                       GB0033032904
b)           Nature of the transaction                 (i) Exercise of Nil
                                                       cost options over
                                                       Ordinary Shares(ii)
                                                       Sale of Ordinary
                                                       Shares (by way of
                                                       acceptance into the
                                                       Offer)
c)           Price(s) and volume(s)                    Price(s)  Volume(s)
(i)    0.0p  3,005,980
(ii)   160p  3,005,980

d)           Aggregated information                    6,011,960 Ordinary
                                                       Shares of 10p each
                                                       in Faroe Petroleum
                                                       plc.
e)           Date of the transaction                   11 January 2019
f)           Place of the transaction                  XLON

 1    Details of the person discharging
      managerial responsibilities / person
      closely associated
a)    Name                                      John Bentley
2     Reason for the notification
a)    Position/status                           Non-Executive
b)    Initial notification /Amendment           Initial notification
3     Details of the issuer, emission
      allowance market participant, auction
      platform, auctioneer or auction monitor
a)    Name                                      Faroe Petroleum plc
b)    LEI                                       213800RE18GVZGNYB270
4     Details of the transaction(s): section
      to be repeated for (i) each type of
      instrument; (ii) each type of
      transaction; (iii) each date; and (iv)
      each place where transactions have been
      conducted
a)    Description of the financial instrument,  Sale of 172,270
      type of instrument Identification code    Ordinary Shares of
                                                10p each in Faroe
                                                Petroleum plc (by
                                                way of acceptance
                                                into the
                                                Offer).ISIN:
                                                GB0033032904
b)    Nature of the transaction                 Sale of Ordinary
                                                Shares (by way of
                                                acceptance into the
                                                Offer)
c)    Price(s) and volume(s)                    Price(s)  Volume(s)
160p  172,270

d)    Aggregated information                    172,270 Ordinary
                                                Shares of 10p each
                                                in Faroe Petroleum
                                                plc.
e)    Date of the transaction                   11 January 2019
f)    Place of the transaction                  XLON

 1    Details of the person discharging
      managerial responsibilities / person
      closely associated
a)    Name                                      Roger Witts
2     Reason for the notification
a)    Position/status                           Non-Executive
b)    Initial notification /Amendment           Initial notification
3     Details of the issuer, emission
      allowance market participant, auction
      platform, auctioneer or auction monitor
a)    Name                                      Faroe Petroleum plc
b)    LEI                                       213800RE18GVZGNYB270
4     Details of the transaction(s): section
      to be repeated for (i) each type of
      instrument; (ii) each type of
      transaction; (iii) each date; and (iv)
      each place where transactions have been
      conducted
a)    Description of the financial instrument,  Sale of 109,180
      type of instrument Identification code    Ordinary Shares of
                                                10p each in Faroe
                                                Petroleum plc (by
                                                way of acceptance
                                                into the
                                                Offer).ISIN:
                                                GB0033032904
b)    Nature of the transaction                 Sale of Ordinary
                                                Shares (by way of
                                                acceptance into the
                                                Offer)
c)    Price(s) and volume(s)                    Price(s)  Volume(s)
160p  109,180

d)    Aggregated information                    109,180 Ordinary
                                                Shares of 10p each
                                                in Faroe Petroleum
                                                plc.
e)    Date of the transaction                   11 January 2019
f)    Place of the transaction                  XLON

 1    Details of the person discharging
      managerial responsibilities / person
      closely associated
a)    Name                                      Jorunn Saetre
2     Reason for the notification
a)    Position/status                           Non-Executive
b)    Initial notification /Amendment           Initial notification
3     Details of the issuer, emission
      allowance market participant, auction
      platform, auctioneer or auction monitor
a)    Name                                      Faroe Petroleum plc
b)    LEI                                       213800RE18GVZGNYB270
4     Details of the transaction(s): section
      to be repeated for (i) each type of
      instrument; (ii) each type of
      transaction; (iii) each date; and (iv)
      each place where transactions have been
      conducted
a)    Description of the financial instrument,  Sale of 28,571
      type of instrument Identification code    Ordinary Shares of
                                                10p each in Faroe
                                                Petroleum plc (by
                                                way of acceptance
                                                into the
                                                Offer).ISIN:
                                                GB0033032904
b)    Nature of the transaction                 Sale of Ordinary
                                                Shares (by way of
                                                acceptance into the
                                                Offer)
c)    Price(s) and volume(s)                    Price(s)  Volume(s)
160p  28,571

d)    Aggregated information                    28,571 Ordinary
                                                Shares of 10p each
                                                in Faroe Petroleum
                                                plc.
e)    Date of the transaction                   11 January 2019
f)    Place of the transaction                  XLON

 1    Details of the person discharging
      managerial responsibilities / person
      closely associated
a)    Name                                      Brent Cheshire
2     Reason for the notification
a)    Position/status                           Non-Executive
b)    Initial notification /Amendment           Initial notification
3     Details of the issuer, emission
      allowance market participant, auction
      platform, auctioneer or auction monitor
a)    Name                                      Faroe Petroleum plc
b)    LEI                                       213800RE18GVZGNYB270
4     Details of the transaction(s): section
      to be repeated for (i) each type of
      instrument; (ii) each type of
      transaction; (iii) each date; and (iv)
      each place where transactions have been
      conducted
a)    Description of the financial instrument,  Sale of 15,000
      type of instrument Identification code    Ordinary Shares of
                                                10p each in Faroe
                                                Petroleum plc(by way
                                                of acceptance into
                                                the Offer).ISIN:
                                                GB0033032904
b)    Nature of the transaction                 Sale of Ordinary
                                                Shares (by way of
                                                acceptance into the
                                                Offer)
c)    Price(s) and volume(s)                    Price(s)  Volume(s)
160p  15,000

d)    Aggregated information                    15,000 Ordinary
                                                Shares of 10p each
                                                in Faroe Petroleum
                                                plc.
e)    Date of the transaction                   11 January 2019
f)    Place of the transaction                  XLON

(Disclosure in relation to sale of shares)

- Ends -

For further information please contact:

Faroe          Tel: +44 (0)
Petroleum      1224 650 920
plc Graham
Stewart, CEO

Stifel         Tel: +44 (0)
Nicolaus       20 7710 7600
Europe
LimitedCallum
Stewart /
Nicholas
Rhodes /
Ashton
Clanfield


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