19 Dec 2008 14:50
| For Immediate Release | 19 December 2008 |
GLOBAL ENERGY DEVELOPMENT PLC
SHARE OPTION GRANT
Global Energy Development PLC (the "Company") announces that on 11 December 2008 (the "Grant Date") options over 710,000 ordinary shares of 1 pence in the Company ("Ordinary Shares") were granted under the Company's Employee Share Option Scheme to Directors and senior management employees of the Company (the "Grantees") as follows:
Directors:
| Name | Position | Shares under option granted |
| Mr. Mikel Faulkner | Executive Chairman | 160,000 |
| Mr. Stephen Voss | Vice Chairman and Operations Director | 160,000 |
| Lord Freeman | Non-executive Director | 50,000 |
| Mr. David Quint | Non-executive Director | 50,000 |
| Mr. Alan Henderson | Non-executive Director | 50,000 |
Senior Management:
| Name | Position | Shares under option granted |
| Mr. Elmer Johnston | Compliance director | 80,000 |
| Mr. Bruce Bottger | Finance director | 80,000 |
| Ms. Catherine Miles | Company Secretary and Business Development director | 80,000 |
The options were granted at nil cost and each have an exercise price of 70 pence, this being greater than the average closing mid-market price per ordinary share for the five business days preceding the Grant Date, which was 67.5 pence.
The options granted vest over a period of three years, with one third vesting on each anniversary of the grant. Once vested the share options may be exercised through to the tenth anniversary of the Grant Date unless the Grantee ceases being an employee of the Company, in which instance the options expire two calendar years after the date the individual ceases to be an employee of the Company.
Following the grant of these options, the Company has 5,285,196 shares under option and the above named Directors' and senior managers' interests in the share capital of the Company are as follows:
Directors:
| Name | Ordinary Shares | Shares under option |
| Mr. Mikel Faulkner | 178,000 | 1,890,000 |
| Mr. Stephen Voss | 24,349 | 1,200,000 |
| Lord Freeman | 5,000 | 140,000 |
| Mr. David Quint | 47,428 | 150,000 |
| Mr. Alan Henderson | 9,421 | 180,000 |
Senior Management:
| Name | Ordinary Shares | Shares under option |
| Mr. Elmer Johnston | - | 290,196 |
| Mr. Bruce Bottger | - | 180,000 |
| Ms. Catherine Miles | - | 380,000 |
For further information
| Global Energy Development PLC | + 44 (0)20 7763 7177 |
| Catherine Miles, Company Secretary | |
| Teathers | + 44 (0)20 7426 9000 |
| Tom Hulme | |
| Sebastian Jones |