22 Oct 2013 15:29
For immediate release
22 October 2013
Frontier Resources International Plc
("Frontier" or the "Company")
Grant of Options
Opening of London Office
The Board of Frontier (AIM Ticker: FRI), the AIM-traded international oil and gas exploration company with assets in Oman, Zambia and Namibia is pleased to announce that the Company has granted options over 1,000,000 ordinary shares of 1p each ("Ordinary Shares") to Mr. Tim Wright. Mr. Wright joined the Company as Exploration Manager on 1 July, 2013. The options have an exercise price of 6p per Ordinary Share (being the price of the recent placing price on admission to AIM in July).
The options become exercisable on the following period from the date of grant:
- 500,000 options vest at the end of year 1;
- 250,000 options vest at the end of year 2; and
- 250,000 options vest at the end of year 3
Should Mr. Wright cease to be an employee of the Company for any reason during the vesting period (3 years) those options that have vested, if any, can be exercised within 6 months of his departure and any options that have not vested will be cancelled.
The Company also wished to announce the opening of a London office at 25 Southampton Buildings, WC2A 1AL to accommodate the Finance and Administration function for the Group.
Enquiries:
Frontier Resources International Plc
Jack Keyes, Chief Executive Officer Tel: +1 (713) 962 0887
Barbara Spurrier, Finance Director Tel: 020 3475 8108
Beaumont Cornish Limited (Nomad) Tel: 0207 628 3396
Michael Cornish
Roland Cornish
Beaufort Securities Limited (Broker) Tel: 020 7382 8300
Christopher Rourke
Guy Wheatley
Yellow Jersey PR Limited (Financial PR)
Dominic Barretto Tel: +44 (0) 7768 537 739
Anna Legge Tel: +44 (0) 7747 788 221
About Frontier:
Frontier Resources International Plc, which was founded in April 2008, is focused on onshore oil and gas exploration and development in the Middle East and Southern Africa where the Company has technical knowledge and expertise. The Company currently has three exploration projects in Oman, Zambia and Namibia.
Frontier's immediate objectives are to continue developing its core exploration projects towards first production particularly in Oman where the Company's knowledge base is most advanced because of the proximity to producing oil and gas fields and the availability of existing seismic and well data.
The Company is incorporated in the United Kingdom with its registered office in London. It also maintains a technical and commercial office in the United States in Houston, Texas. Additionally, to support its regional operations in Southern Africa and the Middle East, offices are maintained in Namibia, Zambia and Oman.
The Company's shares were admitted to AIM of the London Stock Exchange on 5 July 2013.