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Faroe Petroleum PLC (FPM)

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Tuesday 29 September, 2009

Faroe Petroleum PLC

Drilling of west of Shetland Tornado exploratio...

29 September 2009

            Faroe Petroleum plc ("Faroe", the "Company")

   Drilling of west of Shetland Tornado exploration well commences

Faroe Petroleum plc,  the independent  oil and  gas company  focusing
principally  on   exploration,   appraisal  and   undeveloped   field
opportunities in the Atlantic  margin, the North  Sea and Norway,  is
pleased to  announce  that  drilling has  commenced  on  the  Tornado
prospect (Faroe 7.5% working Interest), west of Shetlands.

Tornado is an  oil prospect, located 130 km west of the Shetlands
Islands in 1,100m of water adjacent to the undeveloped BP-operated
Suilven  field, and within tie-back distance of the producing
Schiehallion oil field.
Faroe was awarded the Tornado interest under the UKCS 22nd  Licensing
Round and in May 2007 farmed down  on promoted terms half of its  20%
interest to Idemitsu E&P  UK Limited. This was  in line with  Faroe's
strategy of farming-out the majority of drilling costs to reduce  its
cost exposure whilst retaining material remaining interests.

Following the farmout,  Faroe holds  a 10% interest  in Block  P.1190
(Block 204/13)  which  represents  a 7.5%  working  interest  in  the
Tornado prospect under the terms  of a joint activity agreement  with
the adjacent licence holders (P.1262, Block 204/14b).

The drilling operation is to be  undertaken by the operator OMV  (UK)
Ltd using the Stena Carron drillship.

Graham Stewart, Chief Executive of Faroe Petroleum commented:

"We are very pleased to announce the start of the drilling operations
on the Tornado prospect. Tornado is the second well to be drilled  in
the firm  five-well Atlantic  Margin exploration  drilling  programme
which Faroe  is undertaking,  and  follows on  from our  very  recent
Glenlivet  discovery  which  is  currently  being  appraised  with  a
side-track well.

"Following Tornado,  we are  scheduled to  drill three  further  high
impact exploration  wells in  the Atlantic  margin, namely  the  Anne
Marie oil prospect in  the Faroes (operated by  Eni), the Cardhu  oil
prospect in the UK (operated by BP) and the Lagavulin oil prospect in
the UK (operated by Chevron)".

                               Ends -

Faroe Petroleum plc
Graham Stewart
Tel: +44 1224 650 920

Panmure Gordon
Ashton Clanfield
Tel: +44 20 7459 3600

Financial Dynamics
Billy Clegg/Edward Westropp
Tel: +44 20 7831 3113


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