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4 Jul 2011 14:47
4 July 2011
MADAGASCAR OIL LIMITED
("Madagascar Oil" or the "Company")
Grant of Options
Madagascar Oil (AIM: MOIL), the oil and gas exploration and development company with significant oil resources onshore Madagascar, announces that on 30 June 2011 the Company granted 6,000,000 options over common shares of par value US$0.001 each ("Common Shares") in the capital of the Company ("Options").
One million new Options have been granted to Mr Laurie Hunter, Chairman and CEO and Mr Mark Weller, Chief Operating Officer, respectively. Of these one million new Options, 333,333 vest on each of 30 June 2012, 30 June 2013 and 30 June 2014 (the "Vesting Dates"), with an exercise price of 50 pence per Common Share.
Two million Options have also been awarded to a pool of other members of the Company's senior management team. These Options have an exercise price of 50 pence per Common Share and vest in equal proportions on each of the Vesting Dates.
In addition, one million new Options have been granted to both Mr Hunter and Mr Weller which will vest on achievement of continuous steam injection on the Company's steam flood pilot project at Tsimiroro.
The new Options granted to the aforementioned directors and senior managers were issued pursuant to the terms of the approved 2010 Omnibus Equity Incentive Plan of the Company.
Following the grant of the new Options, the total number of Common Shares under option which could be issued is 7,565,788 Common Shares, representing approximately 3.93 per cent. of the current issued share capital of the Company.
Any unexercised Options will expire on the fifth anniversary of the date of grant. The exercise price of the new Options represents an approximate 50 per cent. premium to the mid-market closing price of 33.3 pence per Common Share on 30 June 2011.
Name of Director | Position | Number of Common Shares held | Number of Restricted Shares and Options held
| Number of new Options granted | Exercise Price per Common Share | Total Restricted Shares and Options held following grant |
J Laurie Hunter
| Chairman & CEO | 1,100,000 | 1,500,000 | 2,000,000 | 50 pence | 3,500,000 |
Mark Weller | Chief Operating Officer
| None | 1,350,000 | 2,000,000 | 50 pence | 3,350,000 |
Contact Information:
Madagascar Oil Limited +1 (713) 357-4820
Rene O'Neil
Strand Hanson Limited +44 (0)20 7409 3494
Angela Peace
David Altberg
Pelham Bell Pottinger +44 (0)20 7861 3232
Mark Antelme
Jenny Renton
-ENDS-
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