Grant of Share Options

RNS Number : 0098R

Bahamas Petroleum Company PLC

28 October 2011

 



28 October 2011

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Grant of Share Options

Bahamas Petroleum, the oil and gas exploration company with offshore licence permits in The Commonwealth of The Bahamas, announces that, on 27 October 2011, the remuneration committee of the Company approved the grant of options over, in aggregate, 6,000,000 ordinary shares of 0.002 pence each in the share capital of the Company ("Ordinary Shares") to certain directors of the Company (the "Options"). In addition a further 2,000,000 options have been granted to Paul Gucwa, the Company's Chief Operating Officer (non-board position) on the same terms. 

The Options are exercisable over a 5 year period from 27 October 2011 and will vest once the share price of the Company reaches 18.75 pence.  The Options are exercisable at a price of 7.4 pence, being the closing price of the Ordinary Shares on 27 October 2011.

Details of the grant of Options to the directors of the Company are as follows:

	Number of Options granted	Exercise price per Ordinary Share	Total number of Ordinary Shares held under option
Simon Potter	4,000,000	7.4 pence	4,000,000
Adrian Collins	1,000,000	7.4 pence	1,000,000
Steven Weyel	1,000,000	7.4 pence	1,000,000

Details of the grant of Options to an employee of the Company are as follows:-

	Number of Options granted	Exercise price per Ordinary Share	Total number of Ordinary Shares held under option
Paul Gucwa	2,000,000	7.4 pence	2,000,000

It should be noted that of the 5.5 million options that were announced as granted to employees and consultants on 12 April 2011, only 1 million were issued with the remaining 4.5 million options having been cancelled prior to issue. 

Following the grant of options on 27 October 2011, there are now in total 21,500,000 options over Ordinary Shares outstanding, representing 1.75% per cent of the shares currently in issue.

- Ends -

For further information, please contact:

Bahamas Petroleum Company plc Simon Potter, Chief Executive Officer	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / Liam Buswell	Tel: [phone]
FTI Consulting Billy Clegg / Ed Westropp / Alex Beagley	Tel: [phone]
Canaccord Genuity Limited - Joint broker Charles Berkeley / Henry Fitzgerald-O'Connor	Tel: [phone]
FirstEnergy Capital LLP - Joint broker Hugh Sanderson / Derek Smith	Tel: [phone]
Novus Capital Markets Ltd - Joint broker Nicholas Lee	Tel: [phone]

 

END

 

 

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