Administrative changes to the Company's LTIP

22 February 2013

Fortune Oil PLC ("the Company")

Long Term Incentive Plan (the "LTIP") - change to certain dates and periods

The Remuneration Committee of Fortune Oil PLC ("the Remuneration Committee") determined that it was administrative more efficient to standardise or modify certain dates and periods in respect to awards made to certain directors and PDMRs. Having consulted with its legal advisor the Remuneration Committee concluded that it could make these changes unilaterally since they were only being made where it had no known beneficial or otherwise effect on any recipient of an award.

In the past awards have been made, generally in June of each year but the actual date in June of the award has varied. This has created an inconvenient set of dates to which calculations must be made or by which date changes in circumstances may have occurred occasioning announcements by the Company. The Remuneration Committee has determined to bring all those awards made in June of any year which have not yet vested (those made for financial years 2009 to 2012) into line by in future applying the 20th June or the first business day after the 20th June as the relevant date for all vesting and other determination purposes.

In the past awards under the Company's LTIP in the Senior Executive Incentive Plan had performance conditions for Company performance which ran from and to the dates of the awards. This led to complex calculations and significant delay in knowing whether performance criteria had been achieved. The Remuneration Committee have concluded that in respect of awards where the performance condition calculation cannot yet be made and therefore no conclusion as to whether this change is beneficial or not (those made in 2011 to 2012) and in respect of all future awards:

a. for awards made in the first half of the year the Company performance period shall be to the last day of the financial year or years ending prior to the relevant award date;

b. for awards made in the second half of the year the Company performance period shall be to the last day of half yearly period or periods ending prior to the relevant award date.

In addition, the Remuneration Committee has determined that in respect of all future awards of benefits under any of the Company's Employee Benefit Trust such awards shall be capable of clawback until unconditionally vested or if partially unconditionally vested to the extent not unconditionally vested if Company performance falls below that expected.

Further details, including individual changes for directors, will be set out in the Company's annual report 2012 to be published in April 2013.

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