Jersey Oil & Gas plc has granted options over in aggregate 775,000 ordinary shares of 1p each in the company to its directors, senior management and employees.
DIRECTORS
The options exercise at 82.5 pence per ordinary share over a period of seven years for executive directors / officers and five years for non-executive directors.
A total 4,077,501 options awards are outstanding, representing approximately 12.5% of JOG’s existing issued share capital of 32,667,627 ordinary shares.
Chief executive officer Andrew Benitz was granted 225,000 options, taking his total held to 845,000.
Chief financial officer Graham Forbes and chief commercial officer Richard Smith each received 130,000 (730,000 each).
The new options all vest in three equal tranches, subject to certain performance conditions to be determined and interpreted by the remuneration committee.
Non-executive chairman Les Thomas received 55,000 options and now holds 175,000, while senior independent non-director Frank Moxon was granted 35,000 options (100,000).
The non-executive options vest in three equal tranches and have no performance conditions.
A total 200,000 options were granted, in aggregate, to certain other members of senior management and employees.
JOG is focused on the redevelopment of the Buchan field in the UK North Sea, which is estimates to contain gross discovered oil and gas resources of approximately 70 MMboe (95% oil).
Project partners comprise JOG with 20%, operator NEO Energy 50% and Serica Energy (UK) Ltd 30%.