Faroe Petroleum Plc Regulatory News (FPM)

31 May 2007 17:11

Faroe Petroleum PLC31 May 2007 31st May 2007 Immediate Release Faroe Petroleum plc (the "Company") Faroe Petroleum plc announces that on 30 May 2007, in accordance with the rulesof the Faroe Petroleum plc Co-Investment Plan (the "CIP") approved byshareholders at the Company's AGM on 12 July 2006, that the following ExecutiveDirectors purchased ordinary shares of 10p each in the Company ("InvestmentShares") and the Remuneration Committee made the following conditional shareawards at a price per share of £1.135:- Director Number of Investment Shares Number of Shares subject to Matching Purchased Share Award G D Stewart 13,067 66,441N.S.Sorensen 6,533 42,606H A Hammer 9,800 61,248 The CIP provides for the Remuneration Committee to allocate three MatchingShares, subject to certain conditions, for every Investment Share that wouldhave been purchased if the gross salary deferred had been invested in shares. The release of these Matching Share awards will be subject to: - continued employment and retention by the participant of theInvestment Shares for three years from the date of grant; - the satisfaction of a Total Shareholder Return underpin whereby noMatching Share awards will be released unless the Total Shareholder Returnperformance of the Company exceeds the return of the FTSE AIM Index over thethree year performance period; and - the satisfaction of share price growth targets over a three yearperformance period from the date of grant whereby 1 Matching Share will bereleased for share price growth of 50% over the performance period and 3Matching Shares will be released for share price growth of 100% of over theperformance period. In addition to these grants, G.D.Stewart, N.S.Sorensen and H.A.Hammer, havetotal options over ordinary shares, exercisable at various prices up to £1.715pence, as follows: Name No. of options G.D.Stewart 2,468,453 N.S.Sorensen 1,057,900 H.Hammer 395,600 The total options held by N.S.Sorensen include 480,000 options derived from12,000 options over shares in the Company's subsidiary Foroya Kolvetni P/F("FK"), awarded in April 2000, which upon exercise are convertible into ordinaryshares at the ration of 40:1 being the same ratio as offered by the Company forFK shares in December 2002. In addition to the options listed above, on 4 October 2005 a Long Term IncentivePlan award was made to G.D.Stewart as an option to acquire 247,386 ordinaryshares This information is provided by RNS The company news service from the London Stock Exchange