Bowleven said its remuneration committee had determined that performance conditions relating to a long-term incentive plan dating back to 2011 had not been met.
The biggest loser was chief executive Kevin Hart who had initially been awarded 105,263 shares under the scheme. At last night's closing price of 41p, these would have been worth more than £43,000.
Exploration director Ed Willett lost out on a 60,526 share award worth nearly £25,000.
Chief Tabetando, a lawyer and poltiical leader from Cameroon who is an executive director of Bowleven, lost out on £23,000 given his 56,579 share allocation.
General counsel Peter Wilson missed out on an award with a paper value of £16,000.
Kerry Crawford, who took over as finance director last week after longstanding Bowleven staffer John Brown quit for a post in the United Arab Emirates, lost £14,000 worth of shares.