Faroe Welcomes New Members to Management

Faroe Petroleum announced three new senior appointments. The appointments consist of two key senior additions to the UK management team, in the roles of Business Development Manager and Exploration Manager, and one in Norway in the role of Asset Manager.

Paul Willcocks has been appointed as Business Development Manager to the Company. Paul takes over the business development role from Mark MacLennan, who is now semi-retired, but will continue to advise the Company on special projects, ensuring the Company will continue to benefit from his considerable skills and experience.

Ian Wilson has been appointed as UK Exploration Manager. Ian is a highly experienced geologist having spent over 25 years in the industry in various parts of the world including the UK, Ireland, Africa and the Far East.

Bjørn Berntsen has been appointed as Norway Asset Manager, to take effect on February 1, 2012. Bjørn will take over the management of Faroe Petroleum's significantly expanded appraisal, development and production assets in Norway which, following the addition of the various producing assets acquired from Petoro in December 2011, form an increasingly important part of the Company's business.

Graham Stewart, Chief Executive of Faroe Petroleum, commented, "We are delighted to welcome our three newest members, Paul Willcocks, Ian Wilson and Bjørn Berntsen to Faroe Petroleum. Their knowledge of the sector and business pedigrees are first rate and their appointments strengthen the team as we move to an exciting new phase of growth."

"We also thank Mark MacLennan for the huge contribution he has made to the Company's success over the past six years as Business Development Manager, and are very pleased that we will continue to benefit from his skills and knowledge."