Sheba Exploration (UK) plc
LSE : SHE

March 03, 2011 02:00 ET

Directors' Shareholding Notification and Award of Performance Options

                                                                             GB00B02WHQ80/GBP/PLUS-exn
                                                                                          3 March 2011



                                      SHEBA EXPLORATION (UK) PLC
                                      ("Sheba" or the "Company")
                                                   
                 Directors' Shareholding Notification and Award of Performance Options
                                                   
Sheba  Exploration (UK) plc is pleased to announce that on 1 March 2011, a total of 2,185,792 ordinary
shares were issued to the Directors of the Company in lieu of salary for the period 1 March 2010 to 28
February 2011.

The following shares were issued:

-  Henry Atkinson (Managing Director) - 1,584,699 shares
-  Richard Brooker (Finance Director) - 382,514 shares
-  Gavin Conway (Non-Executive Director) - 218,579 shares

The  shares  were issued at a price of 1.83p, equivalent to the weighted average share price  for  the
full financial year ending 28 February 2011. This represents a premium of 1.08p to their par value  of
0.75p. There are no conditions or warrants attached to the share issue.

Henry  Atkinson  now  holds  28,584,699 ordinary shares in the  Company  representing  26.95%  of  the
Company's  issued  share  capital;  Richard Brooker's beneficial interest,  including  the  beneficial
holdings  of  his connected parties, is 5,489,180 ordinary shares representing 5.18% of the  Company's
issued  share  capital; and Gavin Conway is now interested in 2,835,245 ordinary  shares  representing
2.67% of the Company's issued share capital.

The  total  number  of  shares in issue is 106,062,457 ordinary shares of  which  the  Directors  hold
36,909,124 ordinary shares, representing 34.80% of the Company's issued share capital.

The  Company has also awarded the following performance related share options in accordance  with  the
Directors Share Option Scheme, approved by Shareholders on 24th August 2006:-

- Henry Atkinson (Managing Director) - Two million share options (2,000,000)
- Richard Brooker (Finance Director) - One million share options (1,000,000)
- Gavin Conway (Non-Executive Director) - One million share options (1,000,000)

The Share Options were granted at an exercise price of 3.00p per share.

The Options are exercisable in accordance with the terms of the Scheme Rules.

Following  the  award of these options there are a total of 7 million Directors' options  outstanding,
equivalent to 5.85% of the fully diluted issued share capital of 119,645,790 shares.

The Directors of Sheba Exploration (UK) Plc are responsible for the contents of this announcement.

For further information please contact:

Company:
Sheba Exploration (UK) Plc
Richard Brooker
Tel: 00 353 87699 8401

Corporate Adviser:
St Helens Capital Partners LLP
Duncan Vasey/Mark Anwyl
Tel: +44 (0) 20 7368 6959

Farm Street Communications Limited
Contact: Simon Robinson
Tel: +44 (0) 7593 340107
Email: simon.robinson@farmstreetmedia.com







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