Share Options22 Jul 2021 17:19
Thought I’d add this separate from the discussion thread.
This in an extract from the Annual report on the share options, page 65. The conditions that need to be met for the option to be taken are also listed:
Share Options
The Group operates a share option plan for directors. Details of share options granted are noted below.
On 24 May 2018 both Paul Griffiths and Ron Pilbeam were granted share options each of 4,005,486 exercisable at £0.028 each and Steve Staley and Sarah Cope were granted share options each of 1,001,370 exercisable at £0.028 each. The options are subject to the following vesting conditions:
1/3 of the option shares 3,337,904 on gross production from the wells drilled under the Well Participation Agreement Predator Oil and Gas Ventures Limited and FRAM Exploration Trinidad Limited of 50 BOPD (measured over a consecutive 30 day period)
1/3 of the option shares 3,337,904 on incremental gross production from a Pilot C02 test of 300 BOPD (measured over a consecutive 30 day period)
1/3 of the option shares 3,337,904 on incremental total gross production from wells for which the Company receives revenues of 1,000 BOPD (measured over a consecutive 30 day period)
Each option shall lapse 5 years after the date on which it vests, assuming it is not exercised before then and no event occurs to cause it to lapse early.
On 27 October 2020 both Paul Griffiths and Ron Pilbeam were granted share options each of 3,850,000 exercisable at £0.05 each and Steve Staley and Louis Castro were granted share options each of 1,650,000 exercisable at £0.05 each.
In February 2021 vesting requirements for all options held by Executive Directors Paul Griffiths and Ronald Pilbeam became subject to any one of certain targets being reached as follows:
Injection/sequestration of 600MT Liquid CO2 has been achieved for the CO2 EOR Pilot Project under the Well Participation Agreement between Predator Oil & Gas Trinidad Ltd and FRAM Exploration Trinidad Ltd dated 17 November 2017 and as amended from time to time; OR
A production test at AT5X has flowed first oil; OR
An average daily increase of 75% in oil production at AT12 has been achieved over a consecutive period of 30 days when measured against historical AT12 production over the period 1 January to 30 April 2020 immediately prior to the commencement of CO2 injection in the AT4 Block on 18 May 2020.
Vesting requirements for Nonexecutive Directors Steve Staley and Louis Castro are subject to the expiration of six months from the date of grant.
The Board is not planning to consider any other components of director remuneration during the year under review.
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