23rd Dec 2009 09:19
23 December 2009
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, development, and production company, announces that it has yesterday (22 December 2009 ) granted options over ordinary shares in the capital of the Company, at an exercise price of £0.30 each, to the following directors and applicable employees, as defined in the AIM Rules for Companies:
Director/Applicable Employee No. of Options
Thomas Anderson - Chairman 500,000
David Hough - Chief Executive Officer 1,000,000
Professor Chris Green - Chief Operating Officer 3,000,000
Brendan McMorrow - Chief Financial Officer 500,000
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 |
|
|
Thomas Anderson |
20,000,000 |
4.84 |
2,500,000 |
|
David Hough |
12,550,000 |
3.04 |
6,500,000 |
|
Professor Chris Green |
- |
- |
17,000,000 |
|
Brendan McMorrow |
- |
- |
2,000,000 |
For further information contact:
Circle Oil plc (+44 20 7638 9571)
David Hough, CEO
Collins Stewart Europe Limited (+44 20 7523 8350)Adrian Hadden
Fox-Davies Capital (+44 20 7936 5230)
Daniel Fox-Davies
Citigate Dewe Rogerson (+44 20 7638 9571)Martin JacksonGeorge Cazenove
Notes to Editors
Circle Oil Plc
Circle Oil Plc (AIM: COP) is an international oil & gas exploration, development and production
Company with an expanding portfolio of assets in Morocco, Tunisia 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 Marmour 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