Faroe Petroleum

Capex

Future Plans

The period ahead is the most active in Faroe Petroleum's history, with some eight wells expected to be drilled in the second half of 2008 alone and many more to follow in the period beyond as prospects mature for drilling and further well participations are secured. In addition to the dynamic drilling programme, the Company will also be continuing to replenish its portfolio organically on a continuing basis, and in the near term through participation in three licensing rounds in 2008, with awards scheduled for Q4 2008 and Q1 2009. We also anticipate increased activity with respect to further field development for the year ahead with near term development opportunities anticipated in respect of Trym and Orca. The Topaz gas field is currently being tested to further evaluate a potential near term field development.

Faroe Petroleum's business model is founded on the principle of portfolio drilling in high quality projects with reputable partners. Faroe has carefully built an excellent portfolio with many significant drilling opportunities, has ensured the Company is well financed, and is now benefiting from increasing production revenues from its three producing gas fields with further developments to follow.

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