Start-Up of Njord and Hyme Fields Delayed (Norway)

Faroe Petroleum, an independent oil and gas company focussing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, announces that it has been advised by the operator Statoil that, after its programme of maintenance and upgrade work, the start-up of the Njord and Hyme fields scheduled for 15 September has been delayed till the latter half of the month.

This delay is to allow the Operator to complete an inspection which is being carried out to quality assure a new analysis model being used to assess structural integrity of the Njord A facility. This delay should not impact the Company’s latest production guidance range announced on 20 August 2013. A further announcement will be made in due course.