Director/PDMR Shareholding

02 July 2018

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Quarterly notification of Directors' Interests and conditional award of shares

Graham Stewart (Chief Executive), Jonathan Cooper (Chief Financial Officer) and Helge Hammer (Chief Operating Officer), have notified the Company that on 29 June 2018 they acquired the following ordinary shares of 10p each in the Company ('Partnership Shares') and have been awarded the following conditional shares ('Matching Shares') under the Faroe Petroleum Share Investment Plan (the "SIP") at a price of £1.46 each:

Partnership Shares (no.)  Purchase price   Matching Shares (no.)  Purchase price 
Graham Stewart 257 £1.46 514 £1.46
Jonathan Cooper 257 £1.46 514 £1.46
Helge Hammer 257 £1.46 514 £1.46

The SIP is open to all employees on the same terms where, for every share purchased by an employee the Company will match it with two matching shares.  The matching shares are released at the end of a three year holding period (subject to the SIP rules) and the maximum amount that may be invested in Partnership Shares in any tax year is £1,500 per employee. Graham Stewart, Jonathan Cooper and Helge Hammer have committed to invest the maximum of £1,500/year, with four scheduled quarterly investments of £375 each (noting that Mr Hammer, being resident in Norway, has committed to the SIP in Norwegian Krona and as such the Sterling investment varies slightly from quarter to quarter).

At present, market purchase shares are being used to satisfy the matching shares.

Following this transaction the directors, and persons closely associated with them, hold the following ordinary shares of 10 pence each in the Company, together with options over the same (including matching shares) exercisable at nil cost.

Name No of Ordinary Shares of 10p each No. of options over ordinary shares of 10p each
Graham Stewart* 2,488,076 5,353,821
Jonathan Cooper** 654,825 3,018,153
Helge Hammer*** 1,319,258 3,284,979
John Bentley 172,270 -
Katherine Roe - -
Roger Witts 109,180 -
Jorunn Saetre 28,571 -
Brent Cheshire 15,000 -

* shareholding includes 852 shares awarded following the vesting of SIP matching shares between 30.03.18 and 02.07.18 with an equal and opposite movement in the options total.

** shareholding includes 852 shares awarded following the vesting of SIP matching shares between 30.03.18 and 02.07.18 with an equal and opposite movement in the options total. 

*** shareholding includes 812 shares awarded following the vesting of SIP matching shares between 30.03.18 and 02.07.18 with an equal and opposite movement in the options total.

- Ends -

For further information please contact:

Faroe Petroleum plc Graham Stewart, CEO Tel: +44 1224 650 920
Stifel Nicolaus Europe Limited Callum Stewart /Nicholas Rhodes / Ashton Clanfield Tel: +44 207 710 7600
BMO Capital Markets Neil Haycock / Tom Rider / Jeremy Low Tel: +44 207 236 1010
FTI Consulting Edward Westropp/ Ben Brewerton/ Emerson Clarke Tel: +44 207 831  3113

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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