Issue of options to directors

18 May 2009 Faroe Petroleum plc (the "Company") Issue of options to directors On 18 May 2009 the Company's Board of Directors, on the recommendation of the Remuneration Committee, which is comprised wholly of non-executive directors, made a grant of share options over ordinary shares of 10p each in the share capital of the Company ("Ordinary Shares") under the 2003 Faroe Petroleum Share Option Scheme (the "Scheme"), to the following executive director: Name Position Options Exercise Exercise period No. price (p) I.M.Lanaghan Finance Director 535,100 74.75p 05.05.12 - 04.05.19 The exercise price of each option is 74.75 pence per ordinary share being the closing mid-market price for the Ordinary Shares on 1 May 2009 being the date prior to the commencement of Mr Lanaghan's employment with the Company. The exercise of the options is subject to performance criteria to be satisfied over a period of a minimum of three years. No consideration was paid by the recipients for the grant of the above options. Mr Lanaghan has no other share options in the Company. The award of these share options is in accordance with the terms of Mr Lanaghan's terms of engagement under which inter alia an initial awards of options was to be made upon the commencement of his employment. - Ends - Enquiries: Faroe Petroleum plc Julian Riddick, Tel: 01224 652 810 Company Secretary Panmure Gordon (UK) Limited Katherine Roe Tel: 020 7459 3600 Callum Stewart ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.