12 Oct 2010 12:39
For immediate release 12 October 2010
Hardy Oil and Gas plc
("Hardy" or the "Company")
Grant of Share Options
Hardy Oil and Gas plc (LSE: HDY.L) announces that on 11 October 2010, the board of directors granted 1,140,000 options over ordinary shares of US$0.01 in the Company ("Ordinary Shares"), under the Company's Unapproved Share Option Scheme, to executive directors and employees.
The table below sets out details of the number of underlying Ordinary Shares contained under each relevant grant or award to each of executive director or person discharging managerial responsibility ("PDMR"). These transactions are notified as required by Disclosure Rule 3.1.4 (R).
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Name of Director / PDMR and Position (3) |
Date of Grant (17) |
Period during which exercisable (18)* |
Total amount paid for grant of the option (19) | Number of Ordinary Shares over which options have been granted (20) |
Exercise price per Ordinary Share (pence) (21) | Total number of Ordinary Shares over which options are held following this notification (22) |
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| Yogeshwar Sharma Chief Executive Officer
| 11/10/2010 | 11/10/2013 to 10/10/2020 | nil | 200,000 | 211.6 | 1,280,700 |
| Dinesh Dattani Finance Director
| 11/10/2010 | 11/10/2013 to 10/10/2020 | nil | 150,000 | 211.6 | 550,000 |
| R. Jeevanandam Director and CFO of HEPI†
| 11/10/2010 | 10/10/2013 to 11/10/2020 | nil | 150,000 | 211.6 | 500,000 |
| William Satterfield Director and Technical Director of HEPI† | 11/10/2010 | 10/10/2013 to 10/10/2020 | nil | 220,000 | 211.6 | 220,000 |
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* The vesting date of the granted options is subject to a performance condition being met during the period 11/10/2013 to 11/10/2015. (23)
† HEPI - Hardy Exploration & Production (India) Inc, a wholly owned subsidiary of Hardy.
(•) Number corresponds to the disclosure prescribed in the DTR 3.1.4 (R) template.
The options will vest on the expiry of between three and five years from the date of grant provided that the relevant performance target in relation to each of the option grant is met. Options which vest may be exercised between three and ten years from the date of grant.
For further information please contact:
| Hardy Oil and Gas plc 020 7471 9850 |
| Dinesh Dattani, Finance Director |
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| Arden Partners plc 020 7614 5917 |
| Richard Day |
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| Buchanan Communications 020 7466 5000 |
| Mark Edwards |
| Ben Romney |