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9 Oct 2008 16:00
CADOGAN PETROLEUM PLC ("the Company")
DIRECTORS'/PDMR SHAREHOLDINGS
9 October 2008
The Company announces that on 9 October 2008, the following award of share options over the Company's Ordinary Shares of 3 pence were granted by the Company:
1) Cadogan Petroleum 2008 Performance Share Plan ("PSP")
Nil cost options were granted under the PSP to the following directors/Persons Dispensing Managerial Responsibilities ("PDMRs"):
|
Name |
Director/PDMR |
PSP Options |
Exercise price |
|
Mark Tolley(1) |
Director |
470,930 |
Nil |
|
Alex Sawka(2) |
Director |
313,953 |
Nil |
|
Peter Biddlestone |
Director |
313,953 |
Nil |
|
Vasyl Vivcharyk |
Director |
313,953 |
Nil |
|
Vladimir Jovanovich |
PDMR |
293,023 |
Nil |
|
Vladimir Shlima |
PDMR |
261,627 |
Nil |
|
Cheryl Cameron |
PDMR |
148,255 |
Nil |
(1) Award granted via Mr Tolley's personal service company, Marksman International Limited
(2) Award granted via Mr Sawka's personal service company, Ryberg Limited.
The number of shares subject to the PSP options will be increased to reflect the dividends that would have accrued on vested shares had they been reinvested in shares in the period between grant and exercise.
The PSP options will vest and become exercisable on 9 October 2011 subject to the achievement of the following performance condition for the financial year ended 2010:
|
Performance level |
Production target Salary % vesting |
2P Reserves (boepd) |
(mmboe) |
|
Good |
100% |
6,250 |
220 |
|
Exceptional |
150% |
10,000 |
360 |
The price used to calculate the award of PSP options was 86 pence per share being the mid-market price of the Company's shares for the dealing day prior to the grants being made on 9 October 2008.
2) Cadogan Petroleum plc 2008 Share Option Plans ("Approved" and "Unapproved")
The award of options under the Approved and Unapproved Plans was made to the following Director:
|
Name |
Approved Options |
Unapproved Options |
Exercise Price |
Total Options |
|
Peter Biddlestone |
34,883 |
802,325 |
86p |
837,208 |
The award of Approved and Unapproved options will vest, subject to continued employment, on the achievement of the following performance condition:
One third will vest when the Group has achieved sales over any continuous period of 90 days of at least 5,000 Barrels of Oil Equivalent per day
One third will vest when the Group has achieved sales over any continuous period of 90 days of at least 10,000 Barrels of Oil Equivalent per day
One third will vest when the Company has achieved a share price of at least £3.276 for any continuous period of 45 days (or a change of control of the Group of at least this price)
The price used to calculate the award of Approved and Unapproved options was 86 pence per share being the mid-market price of the Company's shares for the dealing day prior to the grants being made on 9 October 2008.
Subject to vesting under these performance conditions, the Approved and Unapproved options will become exercisable on 9 October 2011.
The announcement is made in accordance with the requirements of DTR 3.1.4.
Enquiries:
Alex Sawka
Company Secretary
Tel: 020 7245 0801
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