Grant of Options

RNS Number : 9085V

Sterling Energy PLC

10 November 2010

 



10 November 2010

Grant of Options to Directors under Sterling's Long Term Incentive Plan

Sterling Energy Plc ("Sterling" of the "Company") (AIM: SEY), the independent oil and gas exploration and production company with interests in the Middle East and Africa, today advises that pursuant to the rules of the All Staff LTIP approved by shareholders on 22 December 2009, the following Directors listed below have been granted options over Ordinary Shares in the Company.

Director	Ordinary Shares under option pursuant to the rules of the All Staff LTIP awarded in 2010	Total number of Ordinary Shares under option
Angus MacAskill	1,000,000	1,000,000
Andrew Grosse	223,350	886,325
Jonathan Cooper	192,893	697,893

In addition to the options listed above, a further 892,033 options have been issued to Sterling's staff under the All Staff LTIP rules. In total, there are currently 7,675,203 options over Ordinary Shares in issue representing 3.5% of the issued share capital of the Company.

The Performance Conditions for the options recently granted are as follows

1.     The quantity of options that vest are based on a comparison of the growth of the Company's share price ("SESP") against the growth of the FTSE350 index ("Index") over the Performance Period 1 October 2010 to 30 September 2013. The reference points for September 2010 are SESP of 98.5 pence and the Index of 2,910.

2.     If the SESP under-performs the Index performance by 10% or more, then no share options will be earned and the share options will lapse.

3.     If the SESP performance matches the Index performance, then 25% of the share options will be earned.

4.     If the SESP performance is between matching the Index and under-performing by 10%, the amount of the share options that will be earned will be determined by extrapolating on a straight line basis.

5.     If the SESP performance is between matching the Index and out-performing by 50%, the amount of the share options that will be earned will be determined by extrapolating on a straight line basis.

6.     If the SESP out performs the Index performance by 50% or more, then 100% of the share options will be earned.

For further information contact:

Sterling Energy Plc ([phone])

Alastair Beardsall, Executive Chairman

Angus MacAskill, Chief Executive Officer

Web site: www.sterlingenergyplc.com

Evolution Securities ([phone])

Rob Collins

Chris Sim

 

END

 

 

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