11 Oct 2011 07:00
11th October 2011
Sirius Petroleum plc
("Sirius" or "the Company")
Grant of Share Options and Warrants
Sirius (AIM:SRSP), the investing company focussed on oil and gas exploration and development opportunities in West Africa, announces that it has granted options over new ordinary shares to directors and employees, and granted warrants to key consultants.
Options Title Number of shares Exercise price
per share
Ed Johnson CEO 15,000,000 4 (four) pence
Ed Johnson 15,000,000 5 (five) pence
Ed Johnson 15,000,000 8 (eight) pence
Ed Johnson 15,000,000 10 (ten) pence
Olukayode Kuti Business Development 7,000,000 5 (five) pence
Mike Hirschfield CFO 5,000,000 5 (five) pence
Jack Pryde Non-exec. Chairman 2,000,000 5 (five) pence
Other employees 3,000,000 5 (five) pence
Warrants Number of shares Exercise price per share
Chris Toumazou 5,000,000 5 (five) pence
Other consultants 15,000,000 5 (five) pence
The Company had agreed to grant the options to Mr Johnson on the completion of the recent subscription of new ordinary shares to raise £500,000 gross (the Subscription) and the 4p options were fixed at the price of the Placing with the 8p options representing twice this placing price. At the time of the Placing it was not possible to grant the options because the Company was in a Close Period due to the ongoing negotiations in relation to a proposed transaction in respect of the Ororo Field in OML95, Nigeria. Following the release of an announcement in relation to the Ororo Field yesterday the Company is now free to complete this commitment.
Professor Chris Toumazou FRS is the founding director and chief scientist at the Institute of Biomedical Engineering at Imperial College, London. He has excellent contacts in the field of petroleum engineering with International Ivy League Universities. The Company intends to use these contacts on a consultancy basis to assist in the evaluation of seismic and other data relating to the Ororo Field. The other warrants have been granted to incentivise consultants following Sirius entering into a Financial and Technical Services Agreement with Owena Oil and Gas Limited and Guarantee Petroleum Company Limited.
All options are to vest on the earlier of the first anniversary of the Date of Grant or a change of control of the Company or Reverse Takeover of the Company with a normal last date of exercise being ten years from the Date of Grant.
**Ends**
www.siriuspetroleum.com
Enquiries:
Sirius Petroleum plc Ed Johnson, CEO Jamie Bligh, IR
| +44 (0) 20 7451 9800 |
Strand Hanson Limited (Nominated Adviser and Broker) James Harris / James Spinney
| +44 (0) 20 7409 3494 |
Gable Communications John Bick / Justine James | +44 (0) 20 7193 7463 +44 (0) 7872 061 007 |