Prospex Oil and Gas PLC Grant of Options (5489K)

TIDMPXOG

RNS Number : 5489K

Prospex Oil and Gas PLC

22 September 2016

Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas

22 September 2016

Prospex Oil and Gas Plc ('Prospex' or the 'Company')

Grant of Options

Following the successful completion of the Company's initial investment strategy, substantial progress with its major investment in Hutton Poland Limited, and the raising of two tranches of new capital, Prospex Oil and Gas Plc, the AIM quoted investment company, announces that it has today awarded a total of 19,292,349 options to members of the Board and other staff over new Ordinary Shares in the Company (the 'Options').

The Options awarded in three separate schemes, and represent a key component of the Company's long-term incentive plan. A portion of the Options are exercisable immediately and the remainder are only exercisable following the closing price of the ordinary shares being at 5p or higher for 5 consecutive trading days. Subject to this condition, all Options can be exercised at any time in the next three years.

The options issued to the directors and PDMR's of the Company, are set out below:

 
               Options      Exercise         Exercise         Exercise             Total 
                Awarded      price            price of         price of             options 
                             of 1p            1p per share     1.1p per             now held 
                             per share        vesting once     share vesting 
                             with             the shares       once the 
                             immediate        have closed      shares have 
                             unconditional    at 5p or         closed at 
                             vesting          higher for       5p or higher 
                                              5 consecutive    for 5 consecutive 
                                              trading days     trading days 
------------  -----------  ---------------  ---------------  -------------------  ----------- 
 Ed Dawson     6,701,663    971,663          4,438,000        1,292,000            7,381,875 
------------  -----------  ---------------  ---------------  -------------------  ----------- 
 Richard 
  Mays         3,783,614*   20,196           2,327,418        1,436,000            4,325,340 
------------  -----------  ---------------  ---------------  -------------------  ----------- 
 William 
  Smith        3,783,614    20,196           2,327,418        1,436,000            4,325,340 
------------  -----------  ---------------  ---------------  -------------------  ----------- 
 Other 
  personnel    5,023,458    422,154          4,601,500                             6,918,910 
------------  -----------  ---------------  ---------------  -------------------  ----------- 
 Total         19,272,349   1,434,209        13,694,336       4,184,000            22,951,465 
------------  -----------  ---------------  ---------------  -------------------  ----------- 
 

*The options awarded to Richard Mays will be held in the name of Sallork Limited, a company he owns and controls.

* * ENDS * *

For further information visit www.prospexoilandgas.com or contact the following:

 
Edward Dawson        Prospex Oil and Gas    Tel: +44 (0) 207 
                      Plc                    887 1461 
Katy Mitchell        WH Ireland Limited     Tel: [phone] 
 Nick Prowting        WH Ireland Limited     6600 
 Jay Ashfield         WH Ireland Limited 
                                             Tel: +44 (0) 
                                             207 220 1658 
Jon Belliss          Beaufort Securities    Tel: +44 (0) 207 
                      Limited                382 8300 
Lucy Williams        Peterhouse Corporate   Tel: +44 (0) 207 
 Charles Goodfellow   Finance                469 0932 
 Eran Zucker          Peterhouse Corporate 
                      Finance 
                      Peterhouse Corporate 
                      Finance 
Charlotte Page       St Brides Partners     Tel: +44 (0) 20 
 Frank Buhagiar       Ltd                    7236 1177 
                      St Brides Partners 
                      Ltd 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 22, 2016 04:00 ET (08:00 GMT)