Faroe Petroleum Lands Three North Sea Licenses

Faroe Petroleum has been awarded 3 licenses in the North Sea, under the UK 23rd Licensing Round announced by the Minister of the Department of Trade and Industry yesterday. This award increases the number of licenses held by the Company to 14, of which it operates seven.

The following awards have been made to Faroe Petroleum:

Olivia (Blocks 18/3,4) - Faroe Petroleum 100% and Operator

This Promote License covers 400 square kilometers in 200 feet of water and contains a substantial lead situated in an exciting new exploration province in the under-explored south part of the Inner Moray Firth.

The work program consists of high technology seismic acquisition, and geological studies in the first two years to identify a drilling location and to screen the entire area for prospectivity in advance of a drill or drop decision.

West Halibut (Block 13/25) - Faroe Petroleum 50% and Operator

This Promote License covers 140 square kilometers and is situated to the west of the Company's existing North Halibut Blocks 14/21a and 14/22a in the UK Central North Sea, which were acquired in February 2005 from Shell U.K. Limited and Esso Exploration and Production UK Limited. 13/25 is located in 140 meters of water on the Halibut Horst, equidistant from the Claymore and Blake oil fields. This is a highly prospective, yet un-drilled area well known for hydrocarbon seeps

Faroe Petroleum has been awarded a 50% interest in Block 13/25 together with Granby Enterprises Ltd which had applied separately for this block in the 23rd Round. Granby also holds significant acreage in the area and Faroe Petroleum welcomes the opportunity to work with them. Faroe petroleum is the nominated operator and the work program consists of acquisition of high technology 3D and 2D seismic, reprocessing and geological modeling to identify a drilling location, in advance of a drill or drop decision.

Halibut East (Block 14/23) - Faroe Petroleum 100% and Operator

This Promote License has been awarded as a part block covering approximately 100 square kilometers and is east of the Company's existing North Halibut Blocks 14/21a and 14/22a in the UK Central North Sea, which were acquired in February 2005 from Shell U.K. Limited and Esso Exploration and Production UK Limited. This block is located in 140 meters of water on the Halibut Horst, equidistant from the Claymore and Blake oil fields. This is a highly prospective, yet un-drilled area well known for hydrocarbon seeps.

Faroe Petroleum has been awarded a 100% interest in part Block 14/23 and is operator, and the work program consists of the acquisition of 3D seismic data, reprocessing and geological modeling to identify a drilling location, in advance of a drill or drop decision.

Faroe Petroleum is a niche oil and gas company focusing primarily on exploration and appraisal opportunities in the Atlantic margin and North Sea. Faroe Petroleum is building a portfolio of properties with a balance of risk and reward. These new license awards complement the Company's license portfolio taking the number of licenses to 14, of which 7 are operated by Faroe Petroleum. The new license work programs will be fully financed from the Company's existing capital. The Company did not apply for licenses in the West of Shetlands area, where it was awarded six licenses under the UK 22 nd Round in 2004.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

'We are very pleased with these awards, which further strengthen our portfolio, and consolidate our position in the Outer Moray Firth area of the Central North Sea. These licenses, covering a total area of approximately 640 square kilometers both broaden and improve the balance of our portfolio. With the potential for near term drilling activity in the proximity of infrastructure, and the first class team we have in place, I believe we will create significant value for our shareholders."

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