Faroe Petroleum Plc Regulatory News (FPM)

12 May 2006 15:26

Faroe Petroleum PLC12 May 2006 Faroe Petroleum plc ("the Company") Issue of options to directors On 11 May 2006, in accordance with the 2003 Faroe Petroleum Share Option Scheme,the board of Directors has, upon the recommendation of the RemunerationCommittee which is comprised wholly of non-executive directors, made a grant ofshare options over ordinary shares of 10p each in the share capital of theCompany, to the following executive directors: Name Position Options no. Exercise price (p) Exercise periodG. D. Stewart Chief Executive 324,400 171.5 11.05.09 - 10.05.16N. S. Sorensen Executive Director 116,000 171.5 11.05.09 - 10.05.16 The exercise price of each option is 171.5 pence per ordinary share being theclosing mid-market price for the Company's ordinary shares on 10 May 2006. Theexercise of the options is subject to performance criteria to be satisfied overa period of a minimum of three years. No consideration was paid by therecipients for the grant of the above options. Following these grants, G. D. Stewart and N. S. Sorensen, directors of theCompany, have total options over ordinary shares of the Company, exercisable atvarious prices up to 171.5 pence, as follows: Name No. of options G. D. Stewart 2,095,153 N. S. Sorensen 948,400 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 shares inthe Company at the ration of 40:1 being the same ratio as offered by the Companyfor FK shares in December 2002. In addition to the options listed above, on 4 October 2005 a Long Term IncentivePlan ('LTIP') award was made to G. D. Stewart as an option to acquire 247,386ordinary shares of 10p each in the share capital of the Company. The LTIP andthe vesting of this award are subject to approval by shareholders at theforthcoming Annual General Meeting. Enquiries:Faroe Petroleum plcJulian 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