Faroe Petroleum Plc Regulatory News (FPM)

16 Mar 2007 08:36

Faroe Petroleum PLC16 March 2007 Faroe Petroleum plc (the "Company") Issue of options to directors On 14 March 2007 the Company's Board of Directors has, upon the recommendationof the Remuneration Committee which is comprised wholly of non-executivedirectors, made a grant of share options over ordinary shares of 10p each in theshare capital of the Company ("ordinary shares") under the 2003 Faroe PetroleumShare Option Scheme, to the following executive directors: Name Position Options Exercise Exercise period No. price (p) G.D.Stewart Chief Executive 373,300 112.5 14.03.10 - 13.03.17 N.S.Sorensen Executive Director 109,500 112.5 14.03.10 - 13.03.17H.Hammer Executive Director 158,500 112.5 14.03.10 - 13.03.17 The exercise price of each option is 112.5 pence per ordinary share being theclosing mid-market price for the ordinary shares on 13 March 2007. The exerciseof the options is subject to performance criteria to be satisfied over a periodof a minimum of three years. No consideration was paid by the recipients for thegrant of the above options. Following these grants, G.D.Stewart, N.S.Sorensen and H.Hammer, have totaloptions over ordinary shares, exercisable at various prices up to 171.5 pence,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. 15 March 2007 Enquiries: Faroe Petroleum plc Julian Riddick, Tel: 01224 652 810 jriddick@faroe-petroleum.comCompany Secretary This information is provided by RNS The company news service from the London Stock Exchange