19 Jan 2017 07:00
Northern Petroleum Plc
("Northern Petroleum" or "the Company")
Salary substitution option award
Northern Petroleum (AIM: NOP) announces that it has awarded options to acquire ordinary shares in the Company, at a cost of the nominal value of the shares, under the terms of the Northern Petroleum Incentive Plan ("NPIP") as part of an ongoing salary substitution scheme. The details of the awards are set out below.
As announced on 12 November 2015 and updated on 14 July 2016, directors and certain senior management agreed to further reduce their salaries from 1 November 2015 in exchange for the issue of options, under the terms of the NPIP. This agreement is reviewed on a quarterly basis by the Remuneration Committee and is currently continuing in place.
The amount of options granted for the third quarter of the substitution scheme, from 1 May 2016 to 31 July 2016, was calculated using the salary foregone divided by 3.21 pence, which was the volume weighted average price of the Company's ordinary shares during this period.
The amount of options granted for the fourth quarter of the substitution scheme, from 1 August 2016 to 31 October 2016, was calculated using the salary foregone divided by 3.06 pence, which was the volume weighted average price of the Company's ordinary shares during this period.
The options granted yesterday in accordance with the NPIP are as follows:
No. of options awarded
| |||
1 May 16 to 31 Jul 16 | 1 Aug 16 to 31 Oct 16 | ||
Jon Murphy | 77,994 | 81,804 | |
Iain Lanaghan | 39,016 | 40,922 | |
Keith Bush | 350,871 | 368,007 | |
Nick Morgan | 311,948 | 327,183 | |
Paul Lafferty | 155,974 | 163,591 | |
All these options vest three years after award and expire ten years after award.
In addition, 89,957 options were granted yesterday to a staff member in relation to a reduction in salary taken, again under the terms of the NPIP. These options vest immediately.
The number of options awarded or granted to allow Directors, senior management and staff to acquire ordinary shares in the Company, at a cost of the nominal value of the shares, now totals 10,129,712, which represents approximately 3.2 per cent. of the Company's issued share capital. The total number of options now awarded or granted to persons discharging managerial responsibilities are as follows:
No. of options awarded | |
Jon Murphy | 338,495 |
Iain Lanaghan | 169,331 |
Keith Bush | 3,065,753 |
Nick Morgan | 2,604,898 |
Paul Lafferty | 1,593,590 |
-Ends-
For further information please contact:
Northern Petroleum Plc Tel: +44 (0)20 7469 2900
Keith Bush, Chief Executive Officer
Nick Morgan, Finance Director
Stockdale Securities Limited (Nomad and Joint Broker) Tel: +44 (0)20 7601 6100
Antonio Bossi
David Coaten
FirstEnergy Capital LLP (Joint Broker) Tel: +44 (0)20 7448 0200
Jonathan Wright
Note to Editors:
Northern Petroleum is an oil and gas company focused on production led growth. The Company is undertaking a redevelopment and production project in north west Alberta and has a broader portfolio of exploration and appraisal opportunities in countries of relatively low political risk, primarily Italy. Comprehensive information on Northern Petroleum and its oil and gas operations, including press releases, annual reports and interim reports are available from Northern Petroleum's website: www.northernpetroleum.com