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26 Apr 2012 15:53
Petro Matad Limited
("Petro Matad" or the "Company")
Issue of Equity and Award of Options and Performance Share Awards
Issue of Equity
Petro Matad announces that 505,447 ordinary shares of US$0.01 each were issued today under the Company's Long Term Equity Incentive Plan (the "Incentive Plan") based on length of service (the "Performance Shares"). The 505,447 Performance Shares were issued, under the terms of the Incentive Plan, at nominal value.
The Company also announces that a further 442,500 ordinary shares were issued today at an exercise price of 11 pence per share (the "Option Shares") as a result of the exercise of options held by employees under the Incentive Plan.
Award of Options and Performance Shares
The Company also announces that it is awarding options and Performance Share Awards to its recently appointed directors as set out in the table below:
Name of director | Number of options awarded | Number of Performance Share Awards awarded |
Philip Vingoe | 150,000 | 150,000 |
George Watkins | 150,000 | 150,000 |
David Skeels | 150,000 | 150,000 |
Amarzul Tuul | 300,000 | 300,000 |
The exercise price of the options awarded to the above directors will be 22.5 pence per share. The Performance Share Awards awarded to the above directors will vest on achievement of the following conditions:
·; 25% of the shares shall vest on the first discovery of oil on a commercial scale;
·; 25% of the shares shall vest on the first production of oil on a commercial scale; and
·; 50% of the shares shall vest on the Company selling 1 million barrels of oil.
Total Voting Rights
Following the issue of the Performance Shares and the Option Shares, Petro Matad will have 186,011,468 shares in issue. There are no shares held in treasury. The total voting rights in the Company is therefore 186,011,468.
About Petro Matad Limited
Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. The Group holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340km² in the far eastern part of the country. Blocks, IV and V are located in central Mongolia. Block IV covers approximately 29,000km² and Block V approximately 21,150km².
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.
Further information:
Petro Matad Limited
Douglas J. McGay - CEO
+976 11 331099
Westhouse Securities Limited
Richard Baty/Petre Norton
+44 (0)20 7601 6100
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