Baron Oil plc has granted director Dr Andrew Butler share options over 175 million ordinary shares of 0.025 pence each in the company, at an exercise price of 0.07p.
WELLS
Dr Butler is a director of the company’s subsidiaries SundaGas (Timor- Leste Sahul) Pte. Ltd (TLS) and SundaGas Banda Unipessoal Lda (Banda).
Banda operates the Timor-Leste TL-SO-19-16 production sharing contract with Baron Oil.
Exercise of the non-transferable share options has a three-year life from the date of grant.
The options will only vest when Baron announces spudding of the first appraisal well on the Chuditch PSC, save for certain limited circumstances such as a takeover.
Baron said that the options’ grant was a long-term incentive targeted at the company’s key objective of drilling wells on Chuditch.