Vesting of awards

29th Mar 2007 16:34

Cairn Energy PLC29 March 2007 FOR IMMEDIATE RELEASE 29 March 2007 CAIRN ENERGY PLC ("Cairn" or "the Company") Interests of Directors/Persons Discharging Managerial Responsibility ("PDMRs") in the Company's Shares Vesting of awards under the Company's Long Term Incentive Plan 2002 ("the 2002 LTIP") Awards under the Company's Long Term Incentive Plan 2006 ("the 2006 LTIP") Cairn announces that on 28 March 2007, a total of 93,600 Ordinary Shares of 6 2/13 pence each vested in favour of Executive Directors and PDMRs under the 2002LTIP. Under the 2002 LTIP Rules, 50% of the shares are to be released by theCompany's Employees' Share Trust to the Executive Directors/PDMRs within 30 daysof vesting. The balance of the shares is withheld by the Trust and released tothe individuals after one year. Details of the shares that vested are asfollows:- Director/PMDR Shares Vesting on 28 March 2007Sir Bill Gammell 25,200Chief ExecutiveMike Watts 15,200Exploration DirectorMalcolm Thoms 15,200Chief Operating OfficerPhil Tracy 12,800Engineering and Operations DirectorJann Brown 8,400Finance DirectorSimon Thomson 8,400Legal and Commercial DirectorRichard Heaton 8,400Head of Exploration Cairn also announces that today the following awards were made under the 2006LTIP to Directors/PDMRs of the Company:- Director Number of Cairn India Units Number of Capricorn UnitsSir Bill Gammell 515,118 897,196Mike Watts 187,803 981,308Malcolm Thoms 482,923 280,374Phil Tracy 321,949 560,748Jann Brown 268,291 467,290Simon Thomson 134,145 700,935Richard Heaton 134,145 700,935 Under the 2006 LTIP, Cairn India Units and Capricorn Units are notional units ofvalue relating to the Company's holding in Cairn India and Capricorn Energyrespectively. All Cairn India Units were awarded at £1.86 per Unit (the flotation price of aCairn India share) and all Capricorn Energy Units at £1.07 per Unit (being thevalue of such a Unit as at the date of flotation of Cairn India, calculated inaccordance with the provisions of the 2006 LTIP). Each of the above awards will ordinarily vest on or around the third anniversaryof grant, but only to the extent that specified performance conditions aresatisfied over a period of three years commencing on the date of flotation ofCairn India. The value of a participant's vested Units will then be settled inthe form of Ordinary Shares of the Company. Following this announcement, the Directors'/PDMRs' beneficial interests in theOrdinary Shares of the Company are as follows:- Director *Number of Percentage Number Outstanding Awards Outstanding Outstanding Ordinary of Issued of under 2002 LTIP Awards Awards Shares Share Share under 2006 under 2006 Capital Options LTIP LTIP Tier One Tier Two Cairn India Capricorn Units UnitsSir BillGammell 697,426 0.535 0 83,500 97,800 515,118 897,196Mike Watts 274,115 0.21 0 58,300 89,000 187,803 981,308Malcolm Thoms 89,252 0.068 0 52,100 78,000 482,923 280,374Phil Tracy 74,319 0.057 0 50,200 59,500 321,949 560,748Jann Brown 48,981 0.038 0 33,900 31,300 268,291 467,290Simon Thomson 47,356 0.036 0 34,600 32,900 134,145 700,935Richard 74,618 0.057 0 33,900 37,800 134,145 700,935HeatonNorman Murray 81,250 0.062 0 0 0 0 0Hamish 32,500 0.025 0 0 0 0 0GrossartDeputyChairmanEd Story 4,062 0.003 0 0 0 0 0Non-ExecutiveDirectorTodd HuntNon-ExecutiveDirector 28,436 0.021 0 0 0 0 0Mark TyndallNon-ExecutiveDirector 4,062 0.003 0 0 0 0 0AndrewShilstonNon-ExecutiveDirector 4,062 0.003 0 0 0 0 0 * These numbers reflect the new shareholdings of the Directors/PDMRs followingthe share capital consolidation that became effective as at close of business on23 March 2007 and the shares vesting on 28 March 2007. This information is provided by RNS The company news service from the London Stock Exchange

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