Faroe Petroleum plc (the "Company")
Issue of options to directors
On 23 July 2009 the Company's Board of Directors, on the
recommendation of the Remuneration Committee, which is comprised
wholly of non-executive directors, made a grant of share options over
ordinary shares of 10p each in the share capital of the Company
("Ordinary Shares") under the 2003 Faroe Petroleum Share Option
Scheme (the "Scheme"), to the following executive directors:
Name Position Options Exercise Exercise period
No. price (p)
G.D.Stewart Chief Executive 570,600 69.0 23.07.12 - 22.07.19
H.A.Hammer Technical Director 400,500 69.0 23.07.12 - 22.07.19
The exercise price of each option is 69.0 pence per ordinary share
being the closing mid-market price for the Ordinary Shares on 22 July
2009. The exercise of the options is subject to performance criteria
to be satisfied over a period of a minimum of three years. No
consideration was paid by the recipients for the grant of the above
options.
Following these grants, Graham Stewart and Helge Hammer have total
options over ordinary shares, exercisable at various prices up to
159.25 pence, under the Scheme and the Faroe Petroleum plc
Co-Incentive Plan as follows:
Name No. of options
G.D.Stewart 3,251,944
H.A.Hammer 1,055,448
In addition to the options listed above Graham Stewart holds an
option to acquire 74,216 ordinary shares under the Faroe Petroleum
plc Long Term Incentive Plan.
24 July 2009
Enquiries:
Faroe Petroleum plc
Julian Riddick, Tel: 01224 652 810
Company Secretary
Panmure Gordon (UK) Limited
Katherine Roe Tel: 020 7459 3600
Callum Stewart
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
