Faroe Snaps Up 14% of E&P License, Marsvin Prospect

Faroe Petroleum has agreed to acquire a 14% interest in Norwegian License PL289 from Gaz de France Norge on a promoted basis. PL289 contains the substantial Marsvin prospect which is scheduled to be drilled in April 2008. The License is located on the border with Denmark and in close proximity to PL147, in which Faroe recently acquired a 10% interest from Shell and which contains the undeveloped Trym gas / condensate field. As well as the Marsvin oil prospect, the license contains two further attractive prospects, located close to the Trym field (Faroe 10%).

Marsvin Oil Prospect (Faroe 14%) Drilling April 2008

Marsvin is a substantial Upper Jurassic oil prospect, located on the south west flank of the Sogne Graben, straddling the border between Norway and Denmark. The joint venture partners in this license are DONG (40% and operator), Talisman (30%) and Gaz de France (16% retained interest).

The Marsvin prospect will be drilled in Norway in license PL289 by the experienced Operator DONG using the Maersk Guardian jackup rig. Water depths are shallow, around 65 meters. The well is expected to spud in early April 2008 and the drilling operation will take around 60 days.

The transaction is in line with the Company's stated strategic objectives of building a portfolio of valuable licenses in Norway and participating in high impact exploration wells, and is subject to the consent of Norwegian Authorities and all joint venture parties.

"We are very pleased with this transaction which follows a series of important asset additions announced before Christmas, and adds a further exciting near-term well to our already active drilling program," Graham Stewart, chief executive of Faroe Petroleum, said. "This brings to 11 the number of assets in our Norwegian portfolio, continuing our rapid growth in this high potential area."

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