22 January 2009

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

          Successful testing of the Breagh horizontal Well

Faroe  Petroleum,  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  the  successful  testing  of  the  42/13-5  and
42/13-5z wells on the  Breagh gas field, located  in the UK  Southern
North Sea Gas basin (Faroe 10%).

The well tested dry  gas at  a maximum  rate of  26 million  standard
cubic feet per day (mmscfd) from a number of perforations at  various
intervals along a horizontal sand section of 1,200 feet and  confirms
the economic benefits of  utilising conventional horizontal wells  in
the development of the field. The well will be suspended as a  future
production well.

The well test results will now be incorporated into the partnership's
reservoir  model   to  optimise   the  well   requirements  for   the
development. The operator's  geological mapping work,  which will  be
updated for the results of the 42/13 - 5 and 5z wells, is expected to
show an  increase  in gross  rock  volume in  excess  of 20%  to  its
previous estimate.

Graham Stewart, Chief Executive of Faroe Petroleum commented:
"We are very pleased  to confirm that all  of the objectives set  for
the appraisal of the Breagh  field during the 2008 drilling  campaign
have been achieved.  Additional gas  was proved up  with the  42/13-4
well, and the operator has now  drilled and tested the 42/13-5z  well
bringing the Breagh Field one step closer to development."

                              - Ends -

Trine Bjørvik,  who  has  a  degree  in  Petroleum  Engineering  from
Rogaland Regional College 1982 and  an MBA from the Norwegian  School
of Business and Administration is  Asset Manager at Faroe  Petroleum,
has been involved in the energy  industry for more than 25 years  and
has read and  approved the  technical disclosure  in this  regulatory
announcement.

Enquiries:

Faroe Petroleum plc
Graham Stewart
Tel: +44 (0)1224 650 920

Panmure Gordon
Ashton Clanfield
Katherine Roe
Tel: +44 (0)20 7459 3600

Financial Dynamics
Jonathon Brill/Billy Clegg/Edward Westropp
Tel: +44 (0)207 269 7157


Notes to Editors
The Company is actively building a balanced portfolio of operated and
non-operated exploration and  appraisal properties, with  significant
stakes and  an active  work programme.  Faroe Petroleum  has  through
successive licence applications and acquisitions built a  substantial
portfolio of exploration, appraisal and development assets across the
Atlantic Margin, the  UK and  Norwegian North Sea  and the  Norwegian
Sea. The licence portfolio provides  considerable spread of risk  and
reward, encompasses over fifty licences  with eight licences West  of
Shetlands, six licences offshore the  Faroe Islands, six licences  in
the Moray Firth area of the UK Central North Sea, eleven licences  in
the Southern gas  basin and  twenty three licences  in the  Norwegian
North Sea and Norwegian Sea.  Faroe Petroleum joint venture  partners
include BP, Chevron,  ConocoPhillips, DONG, DSM,  Eni, E.ON  Ruhrgas,
GDF, Oilexco,  OMV, RWE,  Shell  and Statoil  all  of which  have  an
outstanding track record in oil and gas exploration and development.

The Company is well financed and is pursuing an active, fully  funded
drilling programme with wells in each of its core areas being drilled
over the coming 18 months.

Faroe Petroleum  is quoted  on the  AIM Market  of the  London  Stock
Exchange with  offices  in  Aberdeen, Stavanger  and  Torshavn.   The
Company has a  highly experienced  team of  professionals focused  on
creating exceptional value for its shareholders.

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