30th Sep 2008 16:22
30 September 2008
CIRCLE OIL PLC
("Circle" or the "Company")
Grant of Share Options
The Board of Circle Oil Plc (AIM: COP), the international oil and gas exploration and development company, announces that it has today (30 September 2008) granted options over ordinary shares in the capital of the Company, at an exercise price of £0.225 each, to the following directors and applicable employees, as defined in the AIM Rules for Companies:
|
Director/Applicable Employee |
No. of Options |
|
Professor Chris Green - Chief Operating Officer |
10,000,000 |
|
David Hough - Chief Executive Officer |
2,500,000 |
|
Thomas Anderson - Chairman |
750,000 |
|
Brendan McMorrow - Chief Financial Officer |
700,000 |
Options granted are not exercisable for a period of one year from date of grant and may then be exercised for a period of five years thereafter.
Following the grant of the above noted options the interests of each of the above in the capital of the Company are as follows:
|
No. of Shares |
% of issued shares |
No. of Options |
|
|
Professor Chris Green |
- |
- |
14,000,000 |
|
David Hough |
12,550,000 |
3.72 |
5,500,000 |
|
Thomas Anderson |
20,000,000 |
5.93 |
2,000,000 |
|
Brendan McMorrow |
- |
- |
1,500,000 |
For further information contact:
Circle Oil plc (+44 20 7638 9571)
David Hough, CEO
Collins Stewart Europe Limited (+44 20 7523 8350)
Adrian Hadden
James Cassley
Fox-Davies Capital (+44 20 7936 5230)
Richard Hail
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
George Cazenove
Notes to Editors
Circle Oil Plc
Circle Oil Plc (AIM: COP) is an international oil & gas exploration and development Company with an expanding portfolio of assets in Morocco, Tunisia, Oman, Egypt and Namibia 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 2 years and now has assets in the Rharb Basin, Morocco; the Ras Mamour Permit in southern Tunisia; the Mahdia Permit offshore Tunisia; the Grombalia Permit in northern Tunisia; the Zeit Bay area of Egypt and the Owambo Basin, Namibia. Circle also has the largest licence holding of any Company in Oman. In addition to its highly prospective Block 52 offshore, the Company also has an ongoing exploration program in Block 49 onshore.
The Company's strategy is to locate and secure additional licenses 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 Oil is available on its website at www.circleoil.net
Related Shares:
Circle Oil Plc