Grant of Options

15 Apr 2008 13:46

Falkland Oil and Gas Limited15 April 2008 15 April 2008 Falkland Oil and Gas Limited Grant of Options Unapproved Option Scheme Falkland Oil and Gas Limited ('the Company') announces that on 14 April 2008 TimBushell, Chief Executive, was granted an option over 43,028 Ordinary Shares of0.002p each in the Company ('Ordinary Shares') at an exercise price of 125.5pper Ordinary Share. The option may be exercised between 14 April 2011 and 14 April 2015 subject tothe satisfaction of performance criteria relating to the compound annualincrease in the Company's share price over the period 14 April 2008 to 14 April2011 ('the Performance Period'). The option shall not be deemed to be exercised at all unless the price of anOrdinary Share increases by more than 10 per cent compound during thePerformance Period. If the price of an Ordinary Share increases by 10 per centcompound per annum during the Performance Period the option maybe exercised asto 25 per cent of the shares under option and if the price increases by 50 percent compound per annum during the Performance Period the option may beexercised in full. The option shall be deemed to be exercisable over a reducednumber of Ordinary Shares for increases between 10 per cent and 50 per centcalculated on a straight line basis. Interest in Shares Prior to the above grant Mr Bushell owned 60,000 Ordinary Shares in the Companyand had options under the Company's Unapproved Option Scheme over 652,222Ordinary Shares of which 457,627 are exercisable at 118p and 194,595 of whichare exercisable at 92.5p subject to the satisfaction of performance criteria. Healso has options under the Company's Long Term Incentive Plan over a total of321,789 shares which are exercisable at par subject to the satisfaction ofperformance criteria. - ends - Enquiries: Falkland Oil and Gas LimitedRichard Liddell, Chairman/David Hudd, Deputy Chairman +44 (0)20 7563 1260 Financial DynamicsBen Brewerton/Ed Westropp +44 (0)20 7831 3113 KBC Peel HuntJonathan Marren +44 (0)20 7418 8900 This information is provided by RNS The company news service from the London Stock Exchange