Nu-Oil and Gas PLC Award of Options to Directors (8879X)

TIDMNUOG

RNS Number : 8879X

Nu-Oil and Gas PLC

27 February 2017

NU-OIL AND GAS PLC

AIM ticker: 'NUOG'

27 February 2017

NU-Oil and Gas plc

("NU-Oil" or "the Company")

Award of Options to Directors

The Company announces that it has, on the basis of the recommendation of its Remuneration Committee, awarded today a total of 80.0 million new options over ordinary shares of 0.1p each in the Company ("Options") to Directors of NU-Oil ("Directors") and cancelled 10.3 million existing Options.

The new Options comprise 48.0 million issued to reward certain Directors for past work in stabilising the Company and its financial position, including deferring salaries ("Reward Options"), and 32.0 million options to incentivise Directors ("Incentive Options"). The individual allocations (and the cancelled Options for each of the Directors), together with vesting dates and exercise prices, are as follows:

New Options

Director Reward Options Incentive Options Total Options Exercise Price

Alan Minty 12,000,000 8,000,000 20,000,000 0.6p

Damian Minty 12,000,000 8,000,000 20,000,000 0.6p

Tejvinder Minhas 12,000,000 8,000,000 20,000,000 0.6p

Nigel Burton 0 8,000,000 8,000,000 0.6p

Frank Jackson 8,000,000 0 8,000,000 0.6p

Mike Bowman 4,000,000 0 4,000,000 0.6p

Cancelled Options

   Director                                 Number                 Weighted Average Exercise Price 
   Alan Minty                            5,000,000              16.4p 
   Damian Minty                      2,800,000              16.5p 
   Tejvinder Minhas                2,000,000              16.4p 
   Frank Jackson                      500,000                 15.0p 

Total New Options

Director Number Vesting Date Exercise Price

Alan Minty 20,000,000 27/02/17 0.6p

   Damian Minty                      20,000,000           27/02/17                               0.6p 
   Tejvinder Minhas                20,000,000           27/02/17                               0.6p 

Nigel Burton 8,000,000 27/02/17 0.6p

Frank Jackson 8,000,000 27/02/17 0.6p

   Mike Bowman                      4,000,000              27/02/17                               0.6p 

The Options issued to Directors under a previous scheme (as outlined in a Company RNS dated 10 June 2013) have been cancelled and replaced by the new options, as per the above.

Both Reward and Incentive Options awarded to executive directors of the Company are exercisable within 5 years from their vesting date and will have a 'lock-in' period of 9 months from their vesting date, during which these options cannot be exercised. Reward Options awarded to non-executive directors (being Frank Jackson and Mike Bowman) will have no such restrictions.

Following this award, the total number of Options outstanding is 80,000,000, which represents 7.7% of the current issued share capital of 1,037,792,348 ordinary shares.

Enquiries:

NU-Oil and Gas plc

   Alan Minty, Executive Chairman              Tel: [phone] 
   Nigel Burton, CEO                                           Tel: [phone] 

Strand Hanson Limited

   Rory Murphy/Ritchie Balmer                     Tel: [phone] 
   Beaufort Securities Limited                         Tel: [phone] 

Jon Belliss

Elliot Hance

   St Brides Partners Limited                            Tel: [phone] 

Elisabeth Cowell

Lottie Brocklehurst

www.nu-oilandgas.com

Note to Editors:

 
 NU-Oil and Gas plc is an independent oil and gas 
  company whose strategy is to build a diverse portfolio 
  of assets with a strong emphasis on acquiring interests 
  in stranded and marginal fields. 
  These fields are low risk highly-appraised projects 
  and consequently the Company's entry cost will 
  be low. NU-Oil will look to develop these assets 
  utilising solutions delivered by Marginal Field 
  Development Company (MFDevCo) and the MFD Consortium, 
  which can significantly improve the development 
  economics of a project. This is also expected to 
  enable the early booking of reserves. 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 27, 2017 02:35 ET (07:35 GMT)