2009-08-17-2008-05-01

To buy 10% WI in PL006C, PL006D in North Sea containing South East Tor discovery, Hyme prospect.

Faroe Petroleum Plc, Aberdeen, U.K., (London: FPM) plans to acquire a 10% interest in Norwegian licenses PL006C and PL006D in the North Sea from Stavenger, Norway-based Noreco ASA. PL006C and PL006D contain the South East Tor discovery and the Hyme prospect. A well to appraise South East Tor is planned for the fourth quarter or first quarter of 2009. Lundin Petroleum holds 75% of the joint venture for both licenses and is operator, with Noreco holding a 15% retained interest. Net contingent reserves are approximately 1.9 million barrels of oil.