10 Jun 2013 09:15
ENEGI OIL PLC
AIM ticker: 'ENEG'
OTC ticker: 'EOLPF'
10 June 2013
Enegi Oil Plc
('Enegi' or 'the Company')
Award of Options/Extension of Warrants
The Company announces that it has, on the basis of the recommendation of its Remuneration Committee, awarded a total of 10,300,000 new options over ordinary shares of 1p each in the Company to directors and senior management of Enegi (the "Options"). These Options have been awarded to reflect the contribution being made by key personnel to the further success of the Company. The share options are in recognition of the need to properly incentivise, reward and also retain these key personnel.
The Options include the following amounts to directors of the Company:
New Options | Cancelled Options | Total* | |||||||
Number | Vesting Date | Exercise Price | Number | Vesting Date | Exercise Price | Number | Vesting Date | Exercise Price | |
Alan Minty | 1,500,000 | Sep 2013 | 15 pence | 1,000,000 | Sep 2013 | 21 pence | 1,000,000 | Sep 2011 | 16 pence |
1,500,000 | Sep 2014 | 15 pence | 1,000,000 | Sep 2012 | 21 pence | ||||
1,500,000 | Sep 2013 | 15 pence | |||||||
1,500.000 | Sep 2014 | 15 pence | |||||||
Damian Minty | 800,000 | Sep 2013 | 15 pence | 600,000 | Sep 2013 | 21 pence | 600,000 | Sep 2011 | 16 pence |
800,000 | Sep 2014 | 15 pence | 600,000 | Sep 2012 | 21 pence | ||||
800,000 | Sep 2013 | 15 pence | |||||||
800,000 | Sep 2014 | 15 pence | |||||||
Tejvinder Minhas | 600,000 | Sep 2013 | 15 pence | 400,000 | Sep 2013 | 21 pence | 400,000 | Sep 2011 | 16 pence |
600,000 | Sep 2014 | 15 pence | 400,000 | Sep 2012 | 21 pence | ||||
600,000 | Sep 2013 | 15 pence | |||||||
600,000 | Sep 2014 | 15 pence | |||||||
Frank Jackson | 250,000 | Sep 2013 | 15 pence | - | - | - | 250,000 | Sep 2013 | 15 pence |
250,000 | Sep 2014 | 15 pence | 250,000 | Sep 2014 | 15 pence | ||||
*Total number of options over ordinary shares of 1 pence each following the grant of the new Options and the cancellation of existing options over ordinary shares of 1 pence each
As indicated above, a total of 3,500,000 incentive options which were awarded to certain directors and one senior management member of the Company and were scheduled to vest on 15 September 2013 (details of which were announced on 11 January 2012), have been cancelled and replaced by the Options, to which no specific performance criteria is attached. The remainder of the incentive options granted at that time vested on 15 September 2012 and will remain as awarded to the said individuals.
Following this award, the total number of options outstanding is 16,000,000, which represents 12.1% of current issued share capital of 132,023,582 ordinary shares in the Company.
In addition, the Company also confirms that the period for exercise of the warrants issued to Risk Management Research Institute (RMRI) Limited and its associate companies (together, the "RMRI Companies"), the terms of which were announced on 11 January 2012, has been extended by a further 60 months, from 11 July 2013 on the same terms as previously awarded. The RMRI Companies continue to provide commercial and technical services to the Company and these warrants will continue to provide an incentive to RMRI. Certain of the RMRI Companies, which provided services to Enegi, including geological, legal and administrative services, are controlled by Alan Minty, Chairman and Chief Executive of the Company.
Enquiries:
Enegi Oil | Tel: + 44 161 817 7460 |
Alan Minty, CEO | |
Nick Elwes, Director of Communications | |
Cenkos Securities | |
Jon Fitzpatrick | Tel: + 44 207 397 8900 |
Neil McDonald | Tel: + 44 131 220 9771 |
Shore Capital | Tel: +44 207 408 4090 |
Jerry Keen | |
Patrick Castle | |
College Hill | Tel: + 44 207 457 2020 |
Alexandra Roper | |
www.enegioil.com
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About Enegi
Enegi Oil Plc is an independent oil and gas company whose strategy is to create an oil and gas company with a diversified portfolio of assets across the E&P value chain. The Company's current portfolio is made up of operations focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada, the Clare Basin in County Clare, Ireland, the UK North Sea and Jordan. The Port au Port Peninsula is located in western Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having been discovered on a number of occasions. The Clare Basin is located in western Ireland and initial technical studies show that it has the potential to contain shale gas. The Company's licences in the UK North Sea benefit from significant previous exploration investment, and have been selected based on buoy technology operating criteria. The Company has also entered into the highly prospective Dead Sea and Wadi Araba in Jordan with its partner Korea Global Energy Corporation.