Grant of Options

29 Mar 2005 12:27

Faroe Petroleum PLC29 March 2005 Faroe Petroleum plc (the "Company") Issue of options to directors On 29 March 2005 in accordance with the 2003 Faroe Petroleum Share OptionScheme, the Company's Board of Directors has, upon the recommendation of theRemuneration Committee which is comprised wholly of non-executive directors,made a grant of share options over ordinary shares of 10p each in the sharecapital of the Company, to the following executive directors: Name Position Options Exercise Exercise period No. price (p) G.D.Stewart Chief Executive 550,400 124 29.03.08 - 28.03.15 N.S.Sorensen Executive Director 202,400 124 29.03.08 - 28.03.15 The exercise price of each option is 124 pence per ordinary share being theclosing mid-market price for the Company's ordinary shares on 24 March 2005. 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 the Company,have total options over ordinary shares of the Company, exercisable at variousprices up to 124 pence, as follows: Name No. of options G.D.Stewart 1,770,753 N.S.Sorensen 832,400 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 sharesin the Company at the ration of 40:1 being the same ratio as offered by theCompany for FK shares in December 2002. 29th March 2005 Enquiries: Faroe Petroleum plc Julian Riddick, Tel: 01224 652 813 jriddick@faroe-petroleum.comCompany Secretary This information is provided by RNS The company news service from the London Stock Exchange