Faroe Petroleum Commits to Well on Anne Marie Prospect

Faroe Petroleum has committed to drill an exploration well on the Anne Marie prospect on License 005 in the Faroes.

Anne Marie will be targeted as one of several structural prospects on License 005 which is located in a prominent structural trend offsetting the highly prospective Corona Ridge. The Corona Ridge also contains both the recent Rosebank/Lochnagar (Chevron) and the Cambo/Lindisfarne (Amerada Hess) discoveries. Considerable drilling activity is now scheduled to take place on surrounding acreage in both the Faroes and the neighbouring west of Shetlands area during 2006 and 2007.

The undrilled License 005 is held in a joint venture between Faroe Petroleum (25%) and Eni Denmark B.V. (75% and operator).

Following the well commitment, the Faroes Ministry has extended the term of License, and the joint venture will now commence preparation to drill the well.

Graham Stewart, Chief Executive of Faroe Petroleum commented:

"We are very pleased to have made this new well commitment which represents the third firm well in Faroe Petroleum's ongoing drilling program, starting in 2006, and which we believe has the potential to yield significant value. This important step further highlights the unique opportunity Faroe Petroleum offers investors seeking direct exposure to the value potential of exploring in the Atlantic Margin region."

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