18 May 2009
Faroe Petroleum plc (the "Company")
Issue of options to directors
On 18 May 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 director:
Name Position Options Exercise Exercise period
No. price (p)
I.M.Lanaghan Finance Director 535,100 74.75p 05.05.12 - 04.05.19
The exercise price of each option is 74.75 pence per ordinary share
being the closing mid-market price for the Ordinary Shares on 1 May
2009 being the date prior to the commencement of Mr Lanaghan's
employment with the Company. 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. Mr Lanaghan has no other share options in
the Company.
The award of these share options is in accordance with the terms of
Mr Lanaghan's terms of engagement under which inter alia an initial
awards of options was to be made upon the commencement of his
employment.
- Ends -
Enquiries:
Faroe Petroleum plc
Julian Riddick, Tel: 01224 652 810 jriddick@faroe-petroleum.com
Company Secretary
Panmure Gordon (UK) Limited
Katherine Roe Tel: 020 7459 3600
Callum Stewart
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