Issue of Options (9327B)

TIDMOHM

RNS Number : 9327B

Offshore Hydrocarbon Mapping PLC

28 February 2011

28 February 2011

Offshore Hydrocarbon Mapping plc ("the Company")

Issue of Options

Offshore Hydrocarbon Mapping plc (AIM: OHM) announces that it has today issued options over the Company's ordinary shares of 1p each to Executive Directors and certain members of staff.

The following options were issued to Directors:

 
                                               No. of options 
Name                                                  granted 
Richard Cooper, Chief Executive Officer             2,750,000 
 
Dr. Lucy MacGregor, Chief Scientific Officer        1,750,000 
 
Bob Auckland, Finance Director                      1,750,000 
 
 
 

In addition, the Company issued options to certain staff in respect of 2,000,000 ordinary shares.

All of the options become exercisable on the first anniversary of the date of grant at an exercise price of 6 pence per share. If not previously exercised, the options would lapse on the tenth anniversary of the date of grant.

The grant of options reflects the ambition of the new Company going forward and its need to be able to recruit and retain the best people, and also acknowledges that previous Long Term Incentive Plans have failed to provide a suitable incentive as all potential awards so far have lapsed. This award of options directly aligns management and shareholder interests.

Following this grant, the total number of options in issue is 10,930,065 representing 9.87 per cent. of the current issued capital of 110,710,256 ordinary shares.

The Executive Director's interests in the Company following the awards are as follows:

 
                                             Options/LTIP 
                          Beneficial         awards at 28    Total interest in 
                        Shareholding        February 2011               shares 
--------------------  --------------  -------------------  ------------------- 
 Richard Cooper              298,306            3,320,859            3,619,165 
--------------------  --------------  -------------------  ------------------- 
 Dr. Lucy MacGregor        1,039,686            2,230,061            3,269,747 
--------------------  --------------  -------------------  ------------------- 
 Bob Auckland                100,000            2,104,519            2,204,519 
--------------------  --------------  -------------------  ------------------- 
 Totals                    1,437,992            7,655,439            9,093,431 
--------------------  --------------  -------------------  ------------------- 
 
 
Offshore Hydrocarbon Mapping plc 
Richard Cooper - Chief Executive 
 Officer                                0870 429 6581 
Bob Auckland - Finance Director         0870 429 6581 
Peter Reilly - Non Executive Chairman   07881 920542 
 
Peel Hunt LLP (NOMAD and Broker) 
Julian Blunt/Simon Brown                020 7418 8900 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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