DES.L Regulatory News (DES)

26 Jul 2005 10:26

Desire Petroleum PLC26 July 2005 Desire Petroleum plc ("Desire Petroleum" or "the Company") Grant of Options / Directors Remuneration Further to the appointment of Dr. Ian Duncan as the Chief Executive of DesirePetroleum, the Remuneration Committee of the Company has agreed the terms of DrDuncan's contract which provides for termination, by either the Company or Dr.Duncan, on six-month's notice. Dr. Duncan will receive a salary but will notreceive pension contributions nor be provided with a car. As part of his remuneration package, Dr. Duncan was awarded options, under theDesire Petroleum plc Unapproved Option Scheme, over 1.5 million ordinary sharesin the Company on 21 July 2005, exercisable at a price of 39.5p per share.Subject to the terms and conditions of the option scheme, the options will beexercisable during the period 21 July 2008 to 21 July 2011. This information is provided by RNS The company news service from the London Stock Exchange