Summary of Options Outstanding Under LTIP Awards

RNS Number : 9462Y

Trinity Exploration & Production

09 September 2022

 

9 September 2022

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")

Summary of Options Outstanding Under the Company's LTIP Awards

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces a summary of the options outstanding under its Long Term Incentive Plan ("LTIP") as at 9 September 2022.

LTIP Options Awarded on 25 August 2017 ("the 2017 One Off Award")

The final vesting of the 2017 One Off Award was due to occur on 30 June 2022.  However, as the three month average VWAP to 30 June 2022 of 130.0p was below that prevailing at 30 June 2021 the remaining 1,214,744 unvested options lapsed.

Partial vesting of 2017 One Off Award options had previously occurred on 30 June 2020 when 891,663 options vested (as adjusted for the capital reorganisation in 2021) and on 30 June 2021 when a further 471,131 options vested.  A total of 1,195,755 options have so far been exercised and the remaining 167,039 vested options are available to be exercised until 24 August 2027.

LTIP Options Awarded on 2 January 2019 ("the 2017 Award")

On 1 January 2021, 167,018 options under this award vested and to date 116,160 of these options have been exercised.  The remaining 50,858 options are available to be exercised until 1 January 2024.

LTIP Options Awarded on 9 May 2019 ("the 2018 Award")

On 2 January 2022, 258,674 options under this award vested and 167,794 of these options have been exercised. Initially it was reported that 264,816 options had vested but this was later corrected to take into consideration pro-rating to individuals that had left the Company as "good leavers" part way through the performance period.  The remaining 90,879 options are available to be exercised until 1 January 2025.

LTIP Options Awarded on 25 June 2020 ("the 2019 Award")

On 25 June 2020, 381,586 options were granted (as adjusted for the capital reorganisation in 2021) and, subject to performance criteria, these options are due to vest on 2 January 2023.

LTIP Options Awarded on 12 August 2021 ("the 2020 Award")

On 12 August 2021, 325,000 options were granted and, subject to performance criteria, these options are due to vest on 1 January 2024.

LTIP Options Awarded on 6 June 2022 ("the 2021 Award")

On 6 June 2022, 290,000 options were granted and, subject to performance criteria, these options are due to vest on 1 January 2025.

In summary, therefore, as at 9 September 2022, an aggregate of 308,775 options have vested but are unexercised, representing 0.8 per cent. of the Company's current issued share capital of 39,884,637 and a further 996,586 options, representing 2.5 per cent of the Company's current issued share capital are "in flight" (i.e. unvested and subject to performance criteria) under the various tranches of annual LTIPs issued under the scheme. This includes 244,128 "in flight" options which have been issued to Jeremy Bridglalsingh pursuant to the various tranches.

Enquiries:

Trinity Exploration & Production plc Nick Clayton, Non- Executive Chairman Jeremy Bridglalsingh, Chief Executive Officer	Via Vigo Consulting
SPARK Advisory Partners Limited ( Nominated Adviser and Financial Adviser) Mark Brady James Keeshan	Tel: [phone]
Cenkos Securities PLC (Broker) Leif Powis Neil McDonald	Tel: [phone]   [phone]
Vigo Consulting Ltd (IR/PR Adviser) Patrick d'Ancona Finlay Thomson	Tel: [phone]

About Trinity (www.trinityexploration.com)

Trinity is an independent oil production company focused solely on  Trinidad and Tobago.  Trinity operates producing and development assets both onshore and offshore, in the shallow water West and East Coasts of Trinidad. Trinity's portfolio includes current production, significant near-term production growth opportunities from low risk developments and multiple exploration prospects with the potential to deliver meaningful reserves/resources growth.  The Company operates all of its ten licences and, across all of the Group's assets, management's estimate of the Group's 2P reserves as at the end of 2021 was 19.73 mmbbls. Group 2C contingent resources are estimated to be 47.22 mmbbls. The Group's overall 2P plus 2C volumes are therefore 66.95 mmbbls.

Trinity is quoted on the AIM market of the London Stock Exchange under the ticker TRIN.

 

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