Circle Oil PLC LTIP Awards (3419I)
March 24 2015 - 11:00AM
UK Regulatory
TIDMCOP
RNS Number : 3419I
Circle Oil PLC
24 March 2015
24 March 2015
CIRCLE OIL PLC
("Circle" or the "Company")
LTIP Awards
Circle Oil plc, (AIM: COP), the international oil and gas
exploration, development and production company, announces that
under the Long Term Incentive Plan ("LTIP") approved by
shareholders on 17 December 2013, the Company's Remuneration
Committee which is comprised wholly of Non-Executive Directors
(comprising Stephen Jenkins, Nicholas Clayton and Keith Morris),
have granted awards over a total of 8,775,000 ordinary shares of
nominal value EUR0.01 each ("Awards"), representing 1.55% of the
Company's issued share capital. Only Nicholas Clayton and Keith
Morris participated in the decision to grant Awards to Stephen
Jenkins.
Details of the Awards are set out below:
Director/PDMR * LTIP Awards Existing Awards/
Options Held
-------------------- ------------ -------------------
Stephen Jenkins 900,000 1,500,000
-------------------- ------------ -------------------
Susan Prior -
4,600,000
-------------------- ------------ -------------------
Brendan McMorrow 900,000 1,750,000
-------------------- ------------ -------------------
*PDMR : Persons Discharging Managerial Responsibility.
In addition to the above a total of 3,275,000 Awards have been
granted to all other employees, on the same terms with the same
vesting conditions.
As set out in the circular to shareholders dated 22 November
2013, the vesting of the Awards will be subject to the satisfaction
of certain performance conditions set by the Remuneration
Committee. Half the Awards are subject to a condition based on the
Company's total shareholder return as measured against the total
shareholder return of the FTSE All Share Exploration and Production
Index over the performance period; the other half of the Awards are
subject to a performance condition based on the Company's core
value per share growth.
In each case, the targets for these Awards will be measured over
three financial years of the Company commencing on 1 January
2015.
In accordance with the rules of the LTIP only employees and
executive directors may be granted LTIP awards which on vesting are
satisfied by way of issue of new shares save for awards granted to
Stephen Jenkins (Non- executive Chairman), which are required to
convert to cash on vesting.
For further information contact:
Circle Oil Plc (+44 20 7638 9571)
Stephen Jenkins
Investec (+44 20 7597 5970)
Chris Sim
George Price
James Rudd
Liberum Capital Limited (+44 20 3100 2222)
Clayton Bush
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Shabnam Bashir
Murray Consultants (+353 1 498 0300)
Joe Heron
Pat Walsh
Notes to Editors
Circle Oil Plc (AIM: COP) is an international oil & gas
exploration, development and production Company with an expanding
portfolio of assets in Morocco, Tunisia, Oman and Egypt with a
combination of low-risk near-term production and significant
exploration upside potential. The Company listed on AIM in October
2004.
Internationally, the Company has continued to expand its
portfolio over the past two years and now has assets in the Rharb
Basin, Morocco; the Ras Marmour Permit in southern Tunisia; the
Mahdia Permit offshore Tunisia and the Zeit Bay area of Egypt.
Circle also has the largest licence holding of any company in
Oman.
Circle's strategy is to locate and secure additional licences in
prospective hydrocarbon provinces and through targeted investment
programmes, monetise the value in those assets for the benefit of
shareholders. This could be achieved through farm-outs to selected
partners who would then invest in and continue the development of
the asset into production, or Circle may itself opt to use its own
expertise to appraise reserves and bring assets into production,
generating sustained cash flow for further investment.
Further information on Circle is available on its website at
www.circleoil.net.
This information is provided by RNS
The company news service from the London Stock Exchange
END
RDSZZLFLEXFEBBD
Circle Oil (LSE:COP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Circle Oil (LSE:COP)
Historical Stock Chart
From Jul 2023 to Jul 2024