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09 January 2019

Statement by Cavendish Asset Management Limited ('Cavendish' or 'we' or 'our') about the proposed offer by DNO ASA ('DNO') for Faroe Petroleum plc ('Faroe')

As the views of Cavendish, that it considered the offer by DNO unacceptable, has been widely reported in the press, we are making this formal statement of our current position.

In response to the increased and final offer by DNO for Faroe, we remain of the view that it is well below our expectations and the minimum independent valuation of 186p. However we have determined that we would not want to be a minority holder in Faroe due to the different management approach of DNO.

Accordingly, we have today divested of our entire discretionary holdings in Faroe.

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Faroe Petroleum plc published this content on 09 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 January 2019 15:53:01 UTC