Nostra Terra Oil And Gas (LSE:NTOG)
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RNS Number : 7842L

Nostra Terra Oil & Gas Company PLC

21 July 2017

21 July 2017

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Award of Share Options

Nostra Terra (AIM:NTOG), the oil and gas exploration and production company, is pleased to announce that a total of 8,000,000 options over ordinary shares of 0.1 pence each ("Ordinary Shares") has been issued to its Chief Executive Officer, Matthew Lofgran, and Non-Executive Chairman, Ewen Ainsworth, (the "Director Options"). The award of the Director Options has been designed explicitly to reward improved share price performance over the short and long term.

Director Options

Nostra Terra is committed to aligning the interests of the Company's Directors with those of shareholders. The award of the Director Options further incentivises the Directors to deliver significant value for shareholders in the longer term, while maintaining a focus on nearer term delivery.

Key terms of the Director Options include:

-- The Director Options only vest if Nostra Terra's share price trades above 3 pence for 10 consecutive trading days, within 12 calendar months from the date of this announcement (the "Vesting Condition").

o This represents a 94% premium to the mid-market closing price of the Company's Ordinary Shares on 20 July 2017.

   --    The Director Options will expire 5 years from the date the Vesting Condition is met. 

Details of the Directors Options are set out below:

 
 Director           Number of Director   Exercise Price 
                       Options awarded              (p) 
-----------------  -------------------  --------------- 
 Matthew Lofgran             2,000,000              3.0 
-----------------  -------------------  --------------- 
                             2,000,000              4.5 
-----------------  -------------------  --------------- 
                             2,000,000              6.0 
-----------------  -------------------  --------------- 
 Ewen Ainsworth                666,666              3.0 
-----------------  -------------------  --------------- 
                               666,667              4.5 
-----------------  -------------------  --------------- 
                               666,667              6.0 
-----------------  -------------------  --------------- 
 

Following the issue of the Director Options, Matthew Lofgran and Ewen Ainsworth are interested in 6,800,000 options and 2,000,000 options over Ordinary Shares respectively. In addition, as previously disclosed, Mr Ainsworth is interested in 1,000,000 warrants exercisable at 8.77 pence per share (as adjusted for the 2016 share consolidation). Of these warrants 333,333 are held directly and 666,667 are held by Discovery Energy Limited, a company controlled by Mr Ainsworth.

Matthew Lofgran and Ewen Ainsworth have interests in the Company of 5,975,976 Ordinary Shares and 2,502,063 Ordinary Shares (729,476 of which are held by Mr Ainsworth directly and 1,772,587 by Discovery Energy Limited) respectively, equating to 4.90% and 2.05% of the Company's issued share capital respectively (as enlarged by the Admission of the Fee Shares issued to Ewen Ainsworth as announced on 19 July 2017).

Matt Lofgran, Chief Executive of Nostra Terra, commented:

"In the last twelve months we've made significant progress in restructuring Nostra Terra. We've repositioned the business and are growing production and reserves in the current low oil price environment. We've made shrewd and ambitious acquisitions, as well as selected disposals, which we believe have the potential to deliver substantial fundamental value to the Company over the coming years.

This award further aligns the directors' interests with those of shareholders. The options only vest if Nostra Terra's share price increases significantly from this point. Based on the performance of our current portfolio of assets in the USA and Egypt, our plans for development and our pipeline of additional opportunities we are more than confident of achieving this."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, visit www.ntog.co.uk or contact:

 
 Nostra Terra Oil and Gas 
  Company plc 
  Matt Lofgran, CEO                    +1 480 993 8933 
 Strand Hanson Limited 
  (Nominated Adviser and Joint         +44 (0) 20 7409 
  Broker)                                         3494 
 Rory Murphy / Ritchie Balmer 
  / Jack Botros 
 Smaller Company Capital               +44 (0) 20 3651 
  Limited (Joint Broker)                          2910 
 Rupert Williams / Jeremy Woodgate 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 21, 2017 08:35 ET (12:35 GMT)