Last checked at 20 Jul 2012 07:00
AIM: NTOG
20 July 2012
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Grant of Performance Related Options
Nostra Terra, the AIM-quoted oil and gas producer with projects in the USA, announces the following concerning the granting of performance-related options.
On 19 July 2012, the Board agreed, in accordance with the Company's ongoing executive incentivisation scheme, to award performance-related options ("Options") to the Company's CEO, Matt Lofgran, and COO, Alden McCall. Matt Lofgran has been granted an 20,000,000 Options and Alden McCall has been granted 50,000,000 Options, with vesting subject to performance criteria during the next 12 months. A further 50,000,000 Options have also granted to each with vesting subject to performance criteria during the subsequent 12 months, as set out below.
All Options granted are exercisable at 0.47 pence per share, the closing market price of the Company's ordinary shares on 19 July 2012. The Options are exercisable for a five year period from the date on which the relevant Options vest.
The vesting of the Options is based on various sustained production targets over 12 and 24 month periods commencing on the grant of the Options. Within the first twelve months the Options will vest in tranches based on five increasing levels of production, and ending at sustained production (based on a moving 30-day production average) of 125 barrels of oil equivalent per day (BOEPD). During the second 12 month period, there are also five levels of production targets up to a maximum target production level of 250 BOEPD.
Following the granting of the Options, the aggregate number of Options held by Matt Lofgran and Alden McCall are set out below:
No of Options previously held | No. of Options granted | Resultant Options held | |
Matt Lofgran | 14,000,000 | 70,000,000 | 84,000,000 |
Alden McCall | 24,000,000 | 100,000,000 | 124,000,000 |
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company plc
Matt Lofgran, CEO
info@ntog.co.uk Telephone: +1 480 993 8933
Shore Capital & Corporate Limited (Nominated Adviser)
Bidhi Bhoma / Toby Gibbs Telephone: +44 (0)20 7408 4090
Alexander David Securities Ltd (Broker)
David Scott / Bill Sharp Telephone: +44 (0)20 7448 9800
Lothbury Financial Services Limited
Gary Middleton / Michael Padley Telephone: +44 (0)20 7868 2010