MXP.L Regulatory News (MXP)

7 Jan 2008 14:12

Max Petroleum PLC07 January 2008 Max Petroleum Plc (The "Company or "Max Petroleum") (Aim: Mxp) New Director Appointments - Required Statutory Information 07 January 2008 On 3 January 2008, Max Petroleum announced the hiring of Mark L. Johnson as theCompany's Chief Executive Officer and the appointment of Mr. Johnson and MichaelB. Young, the Company's current Chief Financial Officer, as executive directorsof the Company, effective as of 22 January 2008. Mark Leroy Johnson, aged 48, is not presently a director of any other company ora partner in any partnership but was, within the last five years, a director ofTexaco North Buzachi Inc. The Company granted Mr. Johnson options over 4.5 million ordinary shares in thecapital of the Company ("Ordinary Shares"), with an exercise price of 61p perOrdinary Share. The options expire on 30 December 2014, with options over 4.0million Ordinary Shares becoming exercisable as to one-third on each of 31December 2008, 2009, and 2010, respectively. The remaining options over 500,000Ordinary Shares become exercisable on various dates on or before 31 March 2011if certain operational milestones are achieved by the Company. Michael Bradley Young, aged 39, is not presently a director of any other companyor a partner in any partnership but was, within the last five years a directorof Fortis LLC, a Texas based limited liability company. Mr. Young has served asthe Company's Chief Financial Officer since September 2006. Mr. Young is the registered holder and beneficial owner of 80,178 OrdinaryShares. In addition, the Company has granted Mr. Young options over 2 millionOrdinary Shares, including options over 1.5 million Ordinary Shares with anexercise price of 115p per Ordinary Share, which expire on 26 July 2013, andoptions over 500,000 Ordinary Shares with an exercise price of 78p per OrdinaryShare, which expire on 28 October 2014. Mr. Young's initial grant of optionsover 1.5 million Ordinary Shares become exercisable as to 40% on 27 July 2007and 20% on each of 27 July 2008, 2009 and 2010. Mr. Young's second grant ofoptions over 500,000 Ordinary Shares become exercisable as to one-third on eachof 29 October 2008, 2009, and 2010. There is no further information to be disclosed under Schedule 2(g) of the AIMRules for Companies. Following these appointments, the directors of the Company are: James Jeffs (non-executive Chairman)Mark Johnson (Chief Executive Officer)Michael Young (Finance Director)Lee Kraus (non-executive director)Bob Holland (non-executive director)David Belding (non-executive director)Maksut Narikbayev (non-executive director) Enquiries: Max Petroleum PLC Jim Jeffs T: +44 (0)20 7355 9590 Chairman Peter Moss T: +44 (0)7834 572837 Investor Relations Manager Merlin Tom Randell T: +44 (0)20 7653 6620 David Simonson Anca Spiridon WH Ireland Ltd Daniel Bate T: +44 (0)161 832 2174 David Youngman This information is provided by RNS The company news service from the London Stock Exchange