Grant of Options

RNS Number : 8525E

Bahamas Petroleum Company PLC

13 April 2011

 



13 April 2011

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Grant of Options

Bahamas Petroleum, the oil and gas exploration company with offshore licence permits in The Commonwealth of The Bahamas, announces that, on 12 April 2011, the remuneration committee of the Company approved the grant of options over, in aggregate, 12,500,000 ordinary shares of 0.002 pence each in the share capital of the Company ("Ordinary Shares") to certain directors of the Company (the "Options").

The Options will vest over a five year period from 12 April 2011 in the following manner: 50 per cent. on the date of the grant and 50 per cent. upon the Company's Ordinary Share price breaching the 50 pence threshold. The Options are exercisable at an exercise price of 21.25 pence, being the closing price of the Ordinary Shares on 12 April 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
Paul Crevello	4,000,000		21.25p	4,000,000
Alan Burns	3,000,000		21.25p	3,000,000
Mike Proffitt	2,500,000		21.25p	2,500,000
Dursley Stott		1,500,000	21.25p	1,500,000
Edward Shallcross	1,500,000		21.25p	1,500,000

In addition, a further 5,500,000 options have been granted to employees and consultants to the Company on the same terms.  As a result, there are, in aggregate, 18,000,000 options over Ordinary Shares outstanding, representing 1.46 per cent. of the Ordinary Shares currently in issue.

Ends

For further information contact:

Bahamas Petroleum Company plc Dr Paul Crevello, Chief Executive Officer	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / Liam Buswell	Tel: [phone]
Financial Dynamics 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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