Jersey Oil & Gas plc (JOG) has granted options over a total 600,000 ordinary shares of 1p each, at an exercise price of 247.50 pence per ordinary share, to its directors, senior management and employees.
EXECUTIVE DIRECTORS
Chief executive officer Andrew Benitz received 150,000 options, taking his total options held to 800,000.
Chief financial officer Graham Forbes and chief commercial officer Richard Smith were each granted 100,000 options (600,000 each).
The options will vest in three equal tranches, subject to certain performance conditions, and are exercisable for up to seven years from their date of grant or will lapse.
NON-EXECUTIVE DIRECTORS
Non-executive chairman Les Thomas received 45,000 share options resulting in his total holding of 120,000 options.
Senior independent non-executive director (NED) Frank Moxon and NED Marcus Stanton each received 20,000 options taking their total options to 100,000 and 130,000 respectively.
The options will vest in three equal tranches, have no performance conditions, and are exercisable for up to five years from their date of grant or will lapse.
SENIOR MANAGEMENT AND EMPLOYEES
JOG also granted a further total of 165,000 new options to certain other members of senior management and employees and will vest in the same way as others awarded.
A total of 4,134,002 option awards are outstanding following the grants, which represents approximately 12.7% of the company’s existing issued share capital of 32,554,293 ordinary shares.