Sirius Petroleum | Remote Login | Mail Login | Contact Us
16 Nov 2011
Sirius (AIM:SRSP), the investing company focussed on oil and gas exploration and development opportunities in West Africa, announces that it has granted options over new ordinary shares to directors and employees, and granted warrants to key consultants.
Options
| Title | Number of shares | Exercise price per share | |
| Ed Johnson | CEO | 15,000,000 | 4 (four) pence |
| Ed Johnson | 15,000,000 | 5 (five) pence | |
| Ed Johnson | 15,000,000 | 8 (eight) pence | |
| Ed Johnson | 15,000,000 | 10 (ten) pence | |
| Olukayode Kuti | Business Development | 7,000,000 | 5 (five) pence |
| Mike Hirschfield | CFO | 5,000,000 | 5 (five) pence |
| Jack Pryde | Non-exec. Chairman | 2,000,000 | 5 (five) pence |
| Other employees | 3,000,000 | 5 (five) pence |
Warrants
| Number of shares | Exercise price per share | |
| Chris Toumazou | 5,000,000 | 5 (five) pence |
| Other consultants | 15,000,000 | 5 (five) pence |
The Company had agreed to grant the options to Mr Johnson on the completion of the recent subscription of new ordinary shares to raise £500,000 gross (the Subscription) and the 4p options were fixed at the price of the Placing with the 8p options representing twice this placing price. At the time of the Placing it was not possible to grant the options because the Company was in a Close Period due to the ongoing negotiations in relation to a proposed transaction in respect of the Ororo Field in OML95, Nigeria. Following the release of an announcement in relation to the Ororo Field yesterday the Company is now free to complete this commitment.
Professor Chris Toumazou FRS is the founding director and chief scientist at the Institute of Biomedical Engineering at Imperial College, London. He has excellent contacts in the field of petroleum engineering with International Ivy League Universities. The Company intends to use these contacts on a consultancy basis to assist in the evaluation of seismic and other data relating to the Ororo Field. The other warrants have been granted to incentivise consultants following Sirius entering into a Financial and Technical Services Agreement with Owena Oil and Gas Limited and Guarantee Petroleum Company Limited.
All options are to vest on the earlier of the first anniversary of the Date of Grant or a change of control of the Company or Reverse Takeover of the Company with a normal last date of exercise being ten years from the Date of Grant.