TIDMFPM

RNS Number : 6068C

Faroe Petroleum PLC

01 October 2018

01 October 2018

Faroe Petroleum plc

("Faroe Petroleum" or the "Company")

Quarterly notification of Directors' Interests and conditional award of shares

Graham Stewart (Chief Executive), Jonathan Cooper (Chief Financial Officer) and Helge Hammer (Chief Operating Officer), have notified the Company that on 28 September 2018 they acquired the following ordinary shares of 10p each in the Company ('Partnership Shares') and have been awarded the following conditional shares ('Matching Shares') under the Faroe Petroleum Share Investment Plan (the "SIP") at a price of GBP1.678 each:

 
                    Partnership Shares    Purchase   Matching Shares    Purchase 
                                 (no.)       price             (no.)       price 
 Graham Stewart                    223    GBP1.678               446    GBP1.678 
 Jonathan Cooper                   223    GBP1.678               446    GBP1.678 
 Helge Hammer                      225    GBP1.678               450    GBP1.678

The SIP is open to all employees on the same terms where, for every share purchased by an employee the Company will match it with two matching shares. The matching shares are released at the end of a three year holding period (subject to the SIP rules) and the maximum amount that may be invested in Partnership Shares in any tax year is GBP1,500 per employee. Graham Stewart, Jonathan Cooper and Helge Hammer have committed to invest the maximum of GBP1,500/year, with four scheduled quarterly investments of GBP375 each (noting that Mr Hammer, being resident in Norway, has committed to the SIP in Norwegian Krona and as such the Sterling investment varies slightly from quarter to quarter).

At present, market purchase shares are being used to satisfy the matching shares.

Following this transaction the directors, and persons closely associated with them, hold the following ordinary shares of 10 pence each in the Company, together with options over the same (including matching shares) exercisable at nil cost.

 
                      No of Ordinary Shares       No. of options over 
   Name                         of 10p each    ordinary shares of 10p 
                                                                 each 
 
 Graham Stewart*                  2,489,415                 5,374,932 
 Jonathan Cooper**                  656,164                 3,029,249 
 Helge Hammer***                  1,320,519                 3,297,368 
 John Bentley                       172,270                         - 
 Katherine Roe                            -                         - 
 Roger Witts                        109,180                         - 
 Jorunn Saetre                       28,571                         - 
 Brent Cheshire                      15,000                         -

* shareholding includes 1,116 shares awarded following the vesting of SIP matching shares between 02.07.18 and 01.10.18 with an equal and opposite movement in the options total. The testing of the 2015 FPIP Award resulted in an increase in the options total of 21,781.

** shareholding includes 1,116 shares awarded following the vesting of SIP matching shares between 02.07.18 and 01.10.18 with an equal and opposite movement in the options total. The testing of the 2015 FPIP Award resulted in an increase in the options total of 11,766.

*** shareholding includes 1,036 shares awarded following the vesting of SIP matching shares between 02.07.18 and 01.10.18 with an equal and opposite movement in the options total. The testing of the 2015 FPIP Award resulted in an increase in the options total of 12,975.

- Ends -

For further information please contact:

 
  Faroe Petroleum plc                Tel: +44 1224 650 920 
   Graham Stewart, CEO 
 Stifel Nicolaus Europe Limited     Tel: +44 207 710 7600 
  Callum Stewart /Nicholas Rhodes 
  / Ashton Clanfield 
 BMO Capital Markets                Tel: +44 207 236 1010 
  Tom Rider / Jeremy Low/Tom 
  Hughes 
 FTI Consulting                     Tel: +44 207 831 3113 
  Ben Brewerton/ Emerson Clarke

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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October 01, 2018 13:15 ET (17:15 GMT)

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