4 Apr 2013 10:45
NORTHCOTE ENERGY LIMITED - Grant of OptionsNORTHCOTE ENERGY LIMITED - Grant of Options
PR Newswire
London, April 4
4 April 2013
Northcote Energy Ltd (`Northcote' or `the Company') Grant of OptionsNorthcote, an onshore US oil and gas exploration and production company,announces that, in accordance with the intention set out in the AIM AdmissionDocument of 20 December 2012, the Remuneration Committee has determined thegrant of options over a total of 49,000,000 Ordinary Shares in the Company toDirectors. These options vest in three tranches and, subject to certainperformance conditions, are exercisable at prices of 1.75p, 2.25p and 3.25p,compared to the mid-market price per Ordinary Share on AIM at the close ofbusiness on 3 April 2013 of 1.48p.
The Directors have been awarded options in three tranches as follows:
Name Tranche 1 Tranche 2 Tranche 3 Total number Expiry of options (Exercise (Exercise (Exercise price: price: price: 1.75p) 2.25p) 3.25p) Randall - 3,500,000 3,500,000 7,000,000 5 April 2018Connally Ross Warner - 3,500,000 3,500,000 7,000,000 5 April 2018 Kevin 6,000,000 3,500,000 3,500,000 13,000,000 5 April 2018 GreenDaniel 4,500,000 3,500,000 3,500,000 11,500,000 5 April 2018Jorgensen
Charles 3,500,000 3,500,000 3,500,000 10,500,000 5 April 2018Wood ========== ========== ========== =========== 14,000,000 17,500,000 17,500,000 49,000,000A Tranche 1 vests after 31 December 2013 on the condition that the Director isemployed at the vesting date, and that daily production is greater than 100barrels of oil per day net production to Northcote (`boed');
B Tranche 2 vests after 31 December 2013 on the condition that the Director isemployed at the vesting date, and that daily production is greater than 250boed; and
C Tranche 3 vests after 30 June 2013 on the condition that the Director isemployed at the vesting date, and that daily production is greater than 400boed.
In aggregate, the 49,000,000 options to Directors represent approximately 4.9%of the current issued share capital of the Company.
**ENDS**For further information and the full Admission Document visitwww.northcoteenergy.com, see below or contact the following:
Randy Connally Northcote Energy Ltd +01 214 675 7579 Ross Warner Northcote Energy Ltd +44 7760 487 769 Dan Jorgensen Northcote Energy Ltd +44 (0) 20 7024 8391 Roland Cornish Beaumont Cornish Ltd +44 (0) 20 7628 3396 Jerry Keen Shore Capital Stockbrokers +44 (0) 20 7408 4090 Limited Bidhi Bhoma Shore Capital Stockbrokers +44 (0) 20 7408 4090 Limited Hugo de Salis St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Elisabeth Cowell St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Notes:Northcote Energy Ltd is a revenue generative US onshore oil and gas productioncompany focussed on the rapidly emerging Mississippi Lime formation inOklahoma. The Company participates with leading operators, including MidstatesPetroleum and Chesapeake Energy, in low risk development plays where advancedtechniques, such as horizontal drilling and fracing, are used to unlock knownoil accumulations and dramatically improve recovery rates. Management isfocused on increasing production through a multi-well drilling and fracingcampaign in 2013.