Last checked at 9 Apr 2009 14:45
Petro Matad Limited - "Petro Matad" or the "Company"
Grant of New Share Options
The Board of Petro Matad has, as a result of the impact of the global economic downturn on the Company's share price, been reviewing the effectiveness of the Company's share option plan which is used to incentive and retain employees. Having considered the current terms of the 1,745,000 existing and previously announced share options (the "Existing Options") the Board, on 8 April 2009, determined that the Existing Options will not achieve their objective of incentivising and retaining staff.
At the Board's request, the Remuneration Committee has reviewed the situation and recommended, and the Board has approved the issue of an aggregate of 1,915,000 new options at an exercise price of 11 pence per share (the "New Options"). The exercise price is based on the average of the middle market quotations of the Company's shares on the three consecutive dealing days immediately preceding 8 April 2009. The Existing Options have a strike price of 37.25 pence per share and will remain in place.
The New Options include 1,350,000 options issued to directors of the Company. The vesting terms of the directors' options are that 25 per cent. will vest on the first of anniversary of the date of grant, 50 per cent. on the second anniversary of the date of grant and 25 per cent. on the third anniversary of grant. The number of New Options issued to each director is set out in the table below:
| Name | Number of shares subject to New Option |
| Douglas McGay | 350,000 |
| Clyde Evans | 200,000 |
| Gordon Toll | 250,000 |
| Janchiv Oyungerel | 250,000 |
| John Robertson | 150,000 |
| Davaadorj Sarangua | 150,000 |
The New Options granted over shares in the capital of the Company represent 1.98 per cent. of the total issued share capital of the Company.
| Further information: | |
| Petro Matad Limited | |
| Douglas McGay- CEO | +976 11 331099 |
| Hanson Westhouse Limited | |
| Richard Baty/Christine Zhang | +44 (0)20 7601 6100 |
| Bankside Consultants | |
| Simon Rothschild / Oliver Winters / Louise Mason | +44 (0)20 7367 8888 |
Notes to editors:
Petro Matad is the parent company of a group focused on oil exploration, as well as future development and production in Mongolia. The Group's principal asset is the 100 per cent. ownership of a PSC over Block XX, a petroleum block of 14,250km2 in the far eastern part of Mongolia.
Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.