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25 Mar 2014 07:00
25 March 2014
CIRCLE OIL PLC
("Circle" or the "Company")
LTIP Awards
Circle Oil plc, (AIM: COP), the international oil and gas exploration, development and production company, announces that under the Long Term Incentive Plan ("LTIP") approved by shareholders on 17 December 2013, the Company's Remuneration Committee which is comprised wholly of Non-Executive Directors, have granted award options over a total of 8,770,000 ordinary shares of nominal value €0.01 each ("Awards"), representing 1.56% of the Company's issued share capital.
Details of the Awards are set out below:
Director/PDMR * | LTIP Awards | Existing Options Held |
Stephen Jenkins |
1,500,000 ** | Nil |
Prof Chris Green |
2,200,000 | 13,000,000 |
Brendan McMorrow |
1,250,000 | 1,200,000 |
* PDMR : Persons Discharging Managerial Responsibility.
** LTIP Awards granted to Stephen Jenkins convert to cash on vesting.
In addition to the above a total of 5,320,000 Awards have been granted to all other employees, on the same terms with the same vesting conditions.
As set out in the circular to shareholders dated 22 November 2013, the vesting of the Awards will be subject to the satisfaction of certain performance conditions set by the Remuneration Committee.
Half the Awards are subject to a condition based on the Company's total shareholder return as measured against the total shareholder return of the FTSE All Share Exploration and Production Index over the performance period; the other half of the Awards are subject to a performance condition based on the Company's core value per share growth.
In each case, the targets for these Awards will be measured over three financial years of the Company commencing on 1 January 2014.
For further information contact:
| |
Circle Oil Plc Professor Chris Green, CEO Brendan McMorrow, CFO
| (+44 20 7638 9571) |
Investec Chris Sim George Price James Rudd
| (+44 20 7597 5970) |
Liberum Capital Limited Simon Atkinson
| (+44 20 3100 2222) |
Citigate Dewe Rogerson Martin Jackson Shabnam Bashir
| (+44 20 7638 9571) |
Murray Consultants Joe Murray Joe Heron
| (+353 1 498 0300) |
Notes to Editors
Circle Oil Plc (AIM: COP) is an international oil & gas exploration, development and production Company with an expanding portfolio of assets in Morocco, Tunisia, Oman and Egypt with a combination of low-risk near-term production and significant exploration upside potential. The Company listed on AIM in October 2004.
Internationally, the Company has continued to expand its portfolio over the past two years and now has assets in the Rharb Basin, Morocco; the Ras Marmour Permit in southern Tunisia; the Mahdia Permit offshore Tunisia and the Zeit Bay area of Egypt. Circle also has the largest licence holding of any company in Oman. In addition to its prospective Block 52 offshore, Circle also has an ongoing exploration programme in Block 49 onshore.
Circle's strategy is to locate and secure additional licences in prospective hydrocarbon provinces and through targeted investment programmes, monetise the value in those assets for the benefit of shareholders. This could be achieved through farm-outs to selected partners who would then invest in and continue the development of the asset into production, or Circle may itself opt to use its own expertise to appraise reserves and bring assets into production, generating sustained cash flow for further investment.
Further information on Circle is available on its website at www.circleoil.net.
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