Issue of options to directors

Faroe Petroleum plc (the "Company") Issue of options to directors On 23 July 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 directors: Name Position Options Exercise Exercise period No. price (p) G.D.Stewart Chief Executive 570,600 69.0 23.07.12 - 22.07.19 H.A.Hammer Technical Director 400,500 69.0 23.07.12 - 22.07.19 The exercise price of each option is 69.0 pence per ordinary share being the closing mid-market price for the Ordinary Shares on 22 July 2009. 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. Following these grants, Graham Stewart and Helge Hammer have total options over ordinary shares, exercisable at various prices up to 159.25 pence, under the Scheme and the Faroe Petroleum plc Co-Incentive Plan as follows: Name No. of options G.D.Stewart 3,251,944 H.A.Hammer 1,055,448 In addition to the options listed above Graham Stewart holds an option to acquire 74,216 ordinary shares under the Faroe Petroleum plc Long Term Incentive Plan. 24 July 2009 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.