Faroe Prequalifies as Operator in Norwegian Round

Faroe Petroleum has been awarded a new prospective license under the 2009 Norwegian APA Round and has been prequalified as an operator for the Norwegian Continental Shelf.

License PL477B, 'Zappa'

(Faroe petroleum 30%, Centrica (Operator) 40% and Petro‐Canada 30%)

Faroe Petroleum has been awarded a 30% interest in PL477B. Significant hydrocarbon potential has been identified within this Norwegian Sea license, which is located adjacent to the Company's existing PL477 Cooper license. The work program and license period for the new award is identical to that of our license PL477, with a drill‐or‐drop decision to be taken in 2011.

Norwegian operatorship prequalification

Faroe has prequalified as an operator on the Norwegian Continental Shelf, which will allow the Company to pursue operated opportunities and retain higher equity levels in assets acquired through both upcoming licensing rounds and acquisitions.