Directors' Options

23 Jun 2005 16:00

Fortune Oil PLC23 June 2005 FORTUNE OIL PLC DIRECTORS' OPTIONS The Board of Fortune Oil PLC (the "Company") announced today that five executivedirectors have accepted the grant of options under the Fortune Oil PLC SeniorExecutive Incentive Plan (the "Plan"). The Plan is operated by the trustees ofthe Company's Employee Benefit Trust, JTC Trustees Limited, subject to the rulesof the Company's Long Term Incentive Plan (the "LTIP Rules"). Each option is a nil cost option over 1p ordinary shares in the Company and thenumber of shares to which the individual director is entitled under the optionwill vary. Each award is subject to the satisfaction of personal performancetargets and may be enhanced on meeting Company performance targets, inaccordance with the Remuneration Committee's policy on the Plan (published atthe Company's annual general meeting on 25 June 2004). The number of shares over which the options have been granted is the number ofshares which a notional bonus could buy on the first anniversary of the date ofgrant of the option. The notional bonus agreed for the year from 1 June 2005 to31 May 2006 for each of the directors are as follows: Notional bonus for Notional bonus for Good Personal Exceptional Personal Directors Performance Performance Bruce McGowan £20,000 £40,000Li Ching £19,448 £38,897John Pexton £16,552 £33,103Louisa Ho £14,897 £29,793Gong Min £10,345 £20,690 The Company's Remuneration Committee will determine whether each director'spersonal performance for the year is acceptable, good or exceptional. Except in exceptional circumstances, the options will only be exercisable afterthree years and will lapse after the tenth anniversary of grant if not exercisedbefore that date. Where an option is exercised on or after the third anniversaryof the grant, then the number of shares under the option will be increasedaccording to when the option is exercised and whether the Company has achievedits growth performance targets in the three year period. Again, there are twothresholds for Company performance - good and exceptional. The criteria fordetermining good and exceptional Company performance is in accordance with whatwas approved by shareholders at the Company's annual general meeting on 25 June2004.The increase in shares covered by each of the options as a result of good orexceptional Company performance is calculated as follows: Date of Increase in notional bonus Increase in notional bonus forExercise for Good Company Performance Exceptional Company Performance--------- ---------------------------- ------------------------------- On or after3rd anniversarybut before 4th anniversary 20% 40% On or after4th anniversarybut before 5th anniversary 40% 100% On or after5th anniversary 100% 200% 23 June 2005 ENQUIRIES: Fortune Oil PLC Tel: 020 7824 8411Bruce McGowan, Vice Chairman John Pexton, Deputy Chief Executive ICIS Limited Tel: 020 7651 8688 / 07802 442486Archie Berens This information is provided by RNS The company news service from the London Stock Exchange