4th Aug 2011 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
TSX-V, LSE-AIM: XEL
4 August 2011
Xcite Energy Limited
("Xcite Energy" or the "Company")
Option Award to Directors, Management and Project Team
Xcite Energy announces the award of an aggregate of 1,850,000 options to purchase ordinary shares of the Company to the Directors, members of the Xcite Energy Resources Limited (the Company's wholly owned subsidiary) management team and to certain members of the Bentley field project team.
The options, which vest immediately, were granted under the terms of the Company's share option scheme by reference to the closing price of the Company's ordinary shares on 3 August 2011. All options have an exercise price of CAN$2.30 (£1.46) per ordinary share and are exercisable for a period of five years. This award is made in recognition of the significant progress made to achieve submission of the final draft of the Field Development Plan for the Bentley field to the Department of Energy and Climate Change.
Following these option awards, the Directors of the Company have the following aggregate number of ordinary shares under option:
Option award now being made | Aggregate ordinary shares under option | |
Roger Ramshaw | 100,000 | 690,000 |
Gregory Moroney | 100,000 | 490,000 |
Timothy Jones | 100,000 | 590,000 |
Scott Cochlan | 100,000 | 590,000 |
Richard Smith | 100,000 | 2,521,000 |
Stephen Kew | 100,000 | 2,521,000 |
Rupert Cole | 100,000 | 2,521,000 |
ENQUIRIES:
Xcite Energy Limited |
+44 (0) 1483 549 063 | |
Richard Smith | Chief Executive Officer | |
Rupert Cole | Chief Financial Officer | |
Oriel Securities (Joint Broker and Nomad) | +44 (0) 207 710 7600 | |
Emma Griffin Simon Edwards | Partner Partner | |
Morgan Stanley (Joint Broker) | +44 (0)207 425 8000 | |
Andrew Foster | Managing Director | |
Pelham Bell Pottinger | +44 (0) 207 861 3232 | |
Mark Antelme Henry Lerwill
| Director |
|
Paradox Public Relations | +1 514 341 0408 | |
Jean-Francois Meilleur | Consultant | |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Morgan Stanley which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.
Oriel Securities which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.
Related Shares:
Xcite Energy