Grant of SARs

26 Feb 2008 16:05

Desire Petroleum PLC26 February 2008 Desire Petroleum PLC26 February 2008 Desire Petroleum plc ('Desire' or 'the Company') Grant of Share Appreciation Rights Desire announces that it has today granted share appreciation rights ('SARs') over ordinary shares in the Company ('Shares') representing 0.4% of the current issued ordinary share capital to Robert Lyons, the Company's recently appointed non-executive director. SARs are designed to deliver a net gain in Shares equal to the increase in the price of a Share between grant and exercise. The number of Shares actually issued following exercise will therefore be less than the percentage of the current issued share capital to which the grant relates. Upon exercise of the SARs, the awardee will be issued with Shares with a marketvalue at the date of exercise equivalent to the notional gain that the awardee would have made, being the amount by which the aggregate market value of the number of Shares in respect of which the SAR is exercised exceeds the aggregate Base Price of that number of Shares. The Base Price of a SAR will be 46.5 pence per Share (being the closing middle market price of a Share on the dealing day immediately preceding the date of grant). The current issued share capital of Desire is 227,128,012 Shares. No consideration is payable on the grant of a SAR. The SARs granted to Mr Lyons will become exercisable on 26 February 2011. Enquiries: DesireAnna Neve Tel: +44 (0) 20 7436 0423 Seymour Pierce LimitedJonathan Wright Tel: +44 (0) 20 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange