Waiver of acceptance of Options

RNS Number : 5547V

Empyrean Energy PLC

15 January 2013

 

15 January 2013

Empyrean Energy PLC

("Empyrean" or the "Company"; Ticker (EME))

Waiver of acceptance of Options

Empyrean Energy Plc, the AIM-listed oil and gas producer and explorer with its primary asset in the Eagle Ford Shale, onshore Texas, today announces that each of its existing directors has notified the Company that they intend to voluntarily waive, from the date of this announcement to the date of the next Annual General Meeting of the Company ("AGM"), their future acceptance of any options to subscribe for ordinary shares in the Company ("Options") should the remuneration committee of the Company ("Remuneration Committee) recommend any Options to be granted to each of them.

Historically Options have played a significant role in order to retain and incentivise directors, employees and consultants during the Company's formative years. This allowed the Company to preserve cash for working capital and act as a reserve against unforeseen contingencies. 

The Company confirms that it has not granted any Options to any existing director either at the AGM, held in 2012, or since the date of that AGM. The Remuneration Committee has also stated that if the financial stability of the Company continues to improve then Options are likely to have a less significant role in the future.

Contact:

Empyrean Energy Plc

Tom Kelly                                                          Tel: [phone]

Shore Capital & Corporate Limited

Anita Ghanekar                                                  Tel: [phone]

Edward Mansfield

Lionsgate Communications

Jonathan Charles                                               Tel: [phone]

[e-mail]

 

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